Cyber Liability Insurance | Business Insurance

Q: Can I pay my premiums by the month?

Yes. First Peoples Insurance can arrange monthly premium funding for many insurance policies through approved premium funding providers. For commercial insurance policies, the interest charged on a premium funding loan may be tax deductible, depending on your circumstances. Tax treatment differs for personal insurance products and may not be deductible. You should seek advice from your accountant or tax adviser regarding the tax implications of any premium funding arrangement.

Q: How do I make a claim?

As your Adviser, you will always contact First Peoples Insurance in the first instance and we will guide you through the claims process as this can vary from insurer to insurer.

Designed to provide cover for the insured’s liability arising from a data breach in which sensitive information of the insured and their client becomes public. This can be as a result of a sophisticated hacking event, or as simple as sending an email to the wrong recipient, losing a laptop, portable storage device or a mobile phone containing sensitive information.

Why is this cover important?

Prevention is an investment, and in conjunction with implementing a comprehensive and appropriate Cyber Event Response plan, a Cyber Liability policy should be part of a practical approach to internal and external cyber threats.

Due to the increased use of technology on a daily basis, any business, regardless of size will be a target and could put your business assets and business income at risk.

Legislative changes require a mandatory Data Breach notification, and a Cyber Policy as part of your Cyber Management plan can provide cover for the costs associated with the breach and notification process that will be enforced with this legislation.

Policy cover can include

Policies can provide cover for first party (the insured) and third party (your client) losses.

Data Liability

Covers the financial costs of loss of data, and can cover the costs associated with the restoration, recollection or recreating data after a breach.

Social Engineering, Phishing and Cyber Fraud

Cover available for the Insured’s direct financial loss from these activities.

Cyber Response Teams

Engagement of dedicated breach response teams after an event (Lawyers, IT Investigators, Forensic Accountants, Public Relations).

Privacy and Crisis Management

Provides cover for costs related to the management of an incident, to repair reputations, the investigation and the remediation. It also includes legal costs, court attendance and fines that might be incurred.

Business Interruption

Business Interruption which covers the loss of profit due to an interruption to the business following a cyber breach.

Extortion Liability

Extortion liability which provides cover for losses caused by extortion (or threat of) including ransom payments and the professional fees incurred in dealing with the extortion.

Third-Party Damages

Cyber insurance also provides: Third-party damages caused by denial of access, costs related to data on third-party suppliers and costs related to the theft of data on third-party systems. It can also include specific defacement of website and intellectual property rights infringement.

First Peoples Insurance is a 100% Aboriginal-owned, full-service insurance broker, not a product seller. We partner with you to understand your risks and design tailored insurance brokering solutions that evolve with your needs.

We have access to a large range of quality insurers and policies to ensure you obtain the best possible coverage.

Our claims team has years of experience and expertise in successfully managing complex and difficult claims.

"Cybercrime continues to be one of the most significant threats to Australian businesses. Attacks are increasing in frequency and sophistication, with financially motivated cybercriminals targeting organisations of every size. The ACSC assesses the risk of compromise for Australian organisations as consistently high.” ACSC Annual Cyber Threat Report 2023–24"

Frequently Asked Questions for Cyber Liability Insurance

The policy can provide cover to the insured for their own loss or costs associated with a data breach, along with costs associated with defence and legal representation where a third party claims from a failure to secure data including compensation and investigations.

Yes. First Peoples Insurance can arrange monthly premium funding for many insurance policies through approved premium funding providers.

For commercial insurance policies, the interest charged on a premium funding loan may be tax deductible, depending on your circumstances. Tax treatment differs for personal insurance products and may not be deductible.

You should seek advice from your accountant or tax adviser regarding the tax implications of any premium funding arrangement.

With the impending legislation for Mandatory Data Breach notification, governments require businesses to implement a Cyber Event response plan. A part of this plan should include a Cyber Liability policy which will assist with the costs associated with a breach. These can accumulate quickly, along with having the knowledge of specialist providers to engage after a breach has occurred. Insurers have agreements with specialist providers including Accountants, IT Forensic consultants and investigators, Solicitors, Credit Reporting agencies and Public Relations Firms to respond in line with the insurer’s requirements in the event of a breach.

As your Adviser, you will always contact First Peoples Insurance in the first instance and we will guide you through the claims process as this can vary from insurer to insurer.

Just because you are in the “cloud”, doesn’t mean you won’t be a target of an event. If you have stored your client’s information and your cloud service provider suffers a breach where your client’s data becomes compromised, you may incur costs associated with defending your business against your client’s loss after a breach. These costs can increase quickly and dramatically. Additionally, you must consider how you will continue operations if your service provider is compromised.

Make sure you regularly update your passwords, along with making them unique with a mix of alpha, numerical and symbols to ensure you and only you know your passwords. And don’t use the same password twice!

Cyber Liability