Cyber attacks have emerged as a serious threat for Australian businesses. The consequences of an attack can be severe, resulting in destruction of assets and reputational damage. As there is only a limited regulatory framework to protect the private sector, businesses need to look after themselves.
Cyber insurance can help organisations get back to business after a cyber attack or a data breach. As organisations become more reliant on technology, insurance products need to adapt to the changing environment.
Cyber insurance is a tailor made product offering providing comprehensive cover for liability and expenses a business may incur arising out of unauthorised use of, or unauthorised access to, physical and electronic data or software within an organisations computer network or business.