6 typical protections that a cyber insurance policy covers
19 October 2017
According to research by the Australian Institute of Criminology, around 14% of Australian businesses experience computer security incidents each year – and this figure is expected to increase.
The institute has estimated that losses from cybercrime each year are upwards of $595 million.
You’re making a significant investment in your startup. You need to protect it against this growing threat. Cyber insurance covers liability arising from a cyber or privacy breach and includes:
1) Forensic costs to contain a breach and carry out the necessary forensic audits
2) Notification expenses for the people and organisations affected
3) Liability for any fines imposed as a result
4) Legal costs in defending regulatory proceedings
5) Liability to third parties for damages and claims expenses
6) Public relations expenses to help limit the reputational impact.
Depending on the nature of your startup we can further develop and tailor the coverage so that it aligns with your specific risk profile.
Cybercrime is a growing threat. Need to know more about Cyber Insurance for your startup? We can help. Search through our main menu from the top of the screen to find the advice you need for your startup (includes access to a free real-time quote engine)
StartUpCover is committed to providing regular content to startups. Make sure you follow us on Facebook, LinkedIn and Twitter to keep up to date with all the latest news and thought leadership.