CYBER LIABILITY INSURANCE
AMC INSURANCE PTY LTD
CYBER LIABILITY INSURANCE
There are now large numbers of insurers providing access to Cyber Liability Insurance products to the Australian marker. AMC Insurance, as a broker, are here to help investigate quote options, provide advice, and secure cover to protect your business.
We have over a decade of experience in negotiating financial lines products (e.g. Cyber Liability, Management Liability, Professional Indemnity, etc.) across a variety of sectors. We work hard to tailor policies to protect our clients’ from risk, whilst maintaining competitive rates.
We are committed to guiding firms needing cyber insurance through the process of obtaining cover by providing professional advice in easy-to-understand language.
WHAT DOES CYBER LIABILITY INSURANCE COVER?
With so many different cyber insurance products on the market the cover can vary widely between different insurers. There are several core aspects found within most policies:
- Privacy and Security
- Regulatory Defence, Fines & Investigations
- Privacy Notification Costs
- Crisis / Management Costs
- Cyber Extortion
- Hardware Damage
- Business Interruption
- Data Recovery
- Social Engineering / Fraud
Within the core covers outlined above are many benefits and automatic extensions.
IS CYBER LIABILITY INSURANCE IMPORTANT FOR BUSINESSES?
In short, yes.
If your business is operating online and has intergrated technology systems and hardware, then you are exposed to various risk exposures attaching to cyber and hacking incidents.
Following a cyber incident there are multiple, compounding, and complex steps that need to be taken to protect your business from further damage, branding issues, etc.
These responses whether from IT experts, Public Relations teams, or lawyers all incur immediate costs that can have a signifcant impact on any business, regardless of size.
All businesses should now consider this product to compliment their existing cyber and network security risk management processes. It does not matter your industry segment – retail, professionals, manufacturing, etc. – every business operating in Australia and online is exposed.
HOW MUCH DOES CYBER LIABILITY INSURANCE COST?
It is very difficult to provide an indicative cost; many factors are involved including:
- Level of professional fees, gross revenue, and/or wages
- Staff numbers
- Types of industry, services or business
- Policy limits
- Prior claims
We are here to help your business navigate the costs and options a available and welcome you to complete our online quote form to confirm pricing.
DO I NEED A BROKER TO ACCESS CYBER LIABILITY INSURANCE?
Yes, in most cases. This is because of the complex nature of the product and requirement for specific advice by a qualified insurance intermediary. At AMC Insurance, as brokers, we only ever work on behalf of your business and not for the insurer.
Even if you access cover via an online portal you are not likely dealing direct with an insurer. Some online brokers provide an advantage for firms who require transactional coverage. Cyber Liability is a complex risk to navigate and having an experienced broker is a strong asset for all businesses.
WHAT ARE THE BENEFITS OF CHOOSING AMC INSURANCE AS A BROKER COMPARED TO OUR EXISTING PROVIDER?
AMC Insurance are a niche broker specialising in limited industry segments and products. Therefore, we can provide our clients tailored advice on their insurance needs. Our structure and experience allow us to respond efficiently with high quality service standards.
Alex Conlon
Director | M: 0409 092 947 | E: alexc@abterrace.com.au