Insurance
Cyber Insurance
Cyber insurance responds when your business suffers a cyber incident such as ransomware, a data breach or payment fraud. Good policies pair financial cover with a response team that takes over in the first hours of an incident.
Do I need Cyber insurance?
If you hold customer data, take payments, or depend on email and cloud systems to trade, you carry cyber risk. Small businesses are targeted precisely because they are less defended than large ones.
What does it cover?
- Incident response, including IT forensics, legal advice and notification costs
- Ransomware and cyber extortion
- Business interruption from a system outage
- Social engineering and invoice fraud, depending on the policy
- Privacy liability and regulatory investigation costs
Important tips
- Insurers now expect basics such as multi-factor authentication and backups. Having them improves both your premium and your insurability.
- Check whether social engineering fraud is included or needs to be added. It is one of the most common claims.
- Know your obligations under the Notifiable Data Breaches scheme.
General advice warning
The information on this page is general advice only. It does not take into account your objectives, financial situation or needs. Before acting on it, consider whether it is appropriate for you, and read the relevant Product Disclosure Statement before deciding to buy or hold any insurance product.
How Loyed can help
We assess your exposure, help you meet insurer security expectations, and place cover that includes a genuine incident response service, not just a payout after the fact.
Request a quote
Tell us a little about your business and a member of the Loyed team will contact you within one business day.