Data Breach Insurance for Small Business

Data breach insurance, as a component of a cyber policy, may be able to cover you from damages and costs incurred by your company as a result of hacking, phishing, ransomware, and social engineering (typically as option).

There are a number of different cyber/data breach insurance policies available for Australian small businesses; with different policy inclusions, exclusions and optional covers. Below are some of the data breach events and covers small business owners should consider when reviewing a data breach insurance policy.

Network data breaches that may interrupt your network or demand ransomware from your business are typical data breach events. Today you may want to consider a broader cyber policy that, in addition to cover for data breach events such as network interruption and ransomware, also includes cover for cyber events such as cyber theft, social engineering, telephone phreaking and cryptojacking*.

• crime ware which is any malware of any type
• cyber espionage
• cyber extortion
• denial of service (including a distributed denial of service).
• hacking
• insider and privilege misuse
• miscellaneous errors.
• payment card skimming
• physical theft and loss.
• point of sale intrusion
• web app attacks.
• Cyber theft, social engineering, telephone phreaking and cryptojacking*

Network data breaches costs that may be covered include cyber extortion costs, data restoration costs and notification costs. Today you may want to consider a broader cyber policy that in addition to cover for data breach events such as network interruption and ransomware, also includes cover for contingent business interruption* and tangible property*

• credit and identity monitoring costs (for a period of up to 12 months).
• cyber extortion costs
• data restoration costs
• data securing costs
• external management costs (including crisis management and mitigation measures)
• notification costs
• public relations costs.
• pursuit costs
• fines payable
• defence costs
• virus extraction costs
• contingent business interruption *
• tangible property *

*There is a lot to consider when looking for suitable data breach insurance protection. If you have any questions regarding data breach insurance protection for your small business, including what policy wording and options are available for your industry, one of our friendly insurance brokers will be happy to assist you on 1300 542 573 or contact us online.