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Cyber insurance covers the financial costs of responding to a cyber attack or data breach — including forensic investigation, system restoration, customer notification, regulatory fines, business interruption losses, and third-party liability if customer data is compromised. In Australia, any business holding personal data should seriously consider it.
Any business that collects, stores, or processes personal information is at risk. Under Australia's Notifiable Data Breaches (NDB) scheme, businesses with an annual turnover over $3M must notify affected individuals and the OAIC following an eligible data breach — a costly exercise. But cyber attacks affect businesses of all sizes. Small businesses are increasingly targeted precisely because their defences are weaker. If you hold client data, payment information, or rely on technology to operate, cyber insurance is worth serious consideration.
Cyber insurance does not cover the cost of improving your cyber security posture — it covers the response after an incident occurs. Pre-existing vulnerabilities that were known and unaddressed may be excluded. Social engineering scams where an employee is tricked into authorising a payment may or may not be covered depending on the policy (some include 'cyber fraud' as a specific coverage item). Read the policy carefully, as exclusions vary significantly.
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