Cyber Insurance for the construction industry has been specifically designed to protect businesses from a variety of risks associated with doing business online.
Every business that has an online presence or that uses technology as part of its day-to-day operations is potentially vulnerable to a cyber attack. These attacks can compromise personal or confidential data, cause financial loss and liability to third parties, and damage your business's reputation.
No matter the size of your operation, cyber attacks can pose a significant risk to your business’s profitability. Cyber Insurance is designed to protect your business’s bottom line, as well as your reputation, by mitigating losses associated with cyber crime.
Australian businesses face increasingly sophisticated cyber attacks that target what matters most to them: their data, money and reputation. Cyber Insurance has become an important consideration for almost every business, largely because traditional insurance policies such as property insurance are not likely to provide cover for liabilities arising out of cyber-related incidents such as business interruption, damage to digital assets, or the costs associated with defending a cyber claim. Cyber crime is an unfortunate reality for Australian businesses – the Australian Cyber Security Centre (ACSC) reports that it receives approximately 144 reports of cybercrime every day1
Cyber Insurance policies can be divided into three main areas – First Party Cover, Third Party (Liability) Cover and Crime Cover.
This provides cover for financial losses suffered by your business as a result of a cyber incident. This can include losses associated with computer system downtime (such as business interruption, loss of profits, claim preparation costs and damage to your business’s reputation). It may also cover your business for hardware replacement costs (limited) and data recovery costs.2
This offers cover for liabilty to third parties (such as a client) as a result of a cyber incident in your business. For example, network security breaches, data and privacy breaches, virus and malware transmission, management liability and media liability.2
This cover helps assist in the event of fraud and identity theft. It can provide cover for funds transfer fraud, telephone fraud and hacking, identity fraud, invoice manipulation, cyber extortion and theft of funds. If your customers are victims of ‘push payment fraud’ (i.e. they pay money to a party that has impersonated you), they may also be reimbursed.2
A Cyber Insurance policy gives your business rapid access (24/7) to an incident manager to help your business recover from a cyber attack. It can cover costs associated with:
2Subject to the full terms, conditions, exclusions and limits set out in the policy wording.