Cyber insurance is a type of insurance cover designed to help protect businesses in the event of a cyber incident or breach. It generally provides cover for expenses related to incident response, data recovery, business interruption, liability, and other costs associated with a cyber attack. Cyber insurance policies can vary widely in terms of coverage and cost, and may include provisions for costs like legal fees, public relations expenses, and credit monitoring services.
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Frequently asked questions
In an environment where cyber attacks are becoming more prevalent, cyber insurance can be an important tool for businesses looking to help protect themselves and their customers against the financial and reputational damage that can result from a cyber attack or data breach.
Not all generic liability and property insurance policies include options for cyber-related incidents, so if your business’s data and operations are valuable, you should consider seeking advice from your business broker about whether purchasing additional cyber cover is right for your business.
No, cyber insurance not mandatory in New Zealand.
The New Zealand government has recommended that businesses consider cyber insurance as part of their overall risk management strategy and has published guidance on the National Cyber Security Centre (NCSC) website about the benefits of cyber insurance, how to choose a policy, and what to consider when making a claim.
So while cyber insurance is not mandatory, it can be a valuable tool for businesses looking to protect themselves against the financial and reputational damage that can result from a cyber attack.
It depends on the specific policy but most cyber insurance policies do provide options for ransom cover. It’s important to carefully read and understand the terms and conditions, inclusion and exclusions – for example, some cyber insurance policies may cover ransom payments for cyber extortion under their extortion cover, while others may specifically exclude coverage for ransom payments. If ransom cover is important to you, make sure you work with a business broker who understands the policy intricacies and help match you to the right solution.
Exclusions under a cyber insurance policy will be specific to your industry and the insurer you choose.
That’s why it’s critical to understand what you are being covered for before purchasing cyber insurance.
Thankfully, our team of brokers and risk management experts can provide you with advice and recommendations at every step of the way.
Cyber risk is any risk that comes about from the incorrect or unauthorised use of technology.
This might include malicious cybercrime, like ransomware, accidental disclosure of information and loss of confidential data.
Cyber attacks can significantly disrupt business operations. They’re also becoming more frequent and sophisticated, causing disruption to businesses of all sizes.
Taking proactive measures to prevent a cyber attack is increasingly imperative.
The policies you need will depend on the type of business you own and the industry in which you operate.
So that we can understand and assess your needs, contact our team of specialists today.
Cyber risk should be considered whenever and wherever your business relies on technology.
For example, if your business lost all access to online systems – such as invoicing, booking systems or important data – would it disrupt your operations? Today, very few businesses would say no.
To stay protected, consider building cyber resilience into your business model to minimise down time.
There aren’t many businesses today who wouldn’t benefit from cyber insurance. We are increasingly reliant on technology – which means we’re increasingly at risk when it fails us.
Cybersecurity insurance is especially crucial if your business:
Handles customer data
Stores business information online
Has a significant online presence.
Obtaining cyber insurance for your business – whether small, medium or a full-scale operation – is easier than you think. Contact one of our specialist brokers to arrange a cyber policy tailored to you.
LCPA 23/150
Marsh Ltd (NZBN 9429040918792)(“Marsh”) arranges insurance and is not an insurer. This webpage contains general information, does not take into account your individual objectives, financial situation or needs and may not suit your personal circumstances. For full details of the terms, conditions and limitations of the covers and before making any decision about whether to acquire the product, refer to the specific policy wordings and/or product disclosure statements available from Marsh on request.
*Where it is legal for insurers to pay a ransom.