Cyber Insurance
Cyber Insurance
Cyber Insurance protects businesses against the financial impact of cyber incidents such as data breaches, ransomware attacks, business email compromise, and system outages. As cyber threats continue to evolve, even small and medium-sized businesses are increasingly targeted due to limited security infrastructure. Cyber Insurance provides cover for expenses related to forensic investigation, legal advice, customer notification, public relations, ransom payments, and system restoration. It may also include liability protection if you are sued for failing to protect client or employee data. At Angelic Insurance, we help Australian businesses compare cyber insurance policies from leading insurers. Our brokers provide general advice to assist in selecting cover that matches your digital risk, data handling practices, and industry exposure.
How It Works
We make securing Cyber Insurance straightforward. Our process is designed to identify vulnerabilities and match your business with appropriate protection.
Assess your digital exposure
We gather details about your IT setup, customer data handling, payment systems, and business type to evaluate your cyber risk.
Compare cover options
We review multiple insurers’ policies, looking at inclusions like ransomware, social engineering, and business interruption.
Choose the right limits
You select a coverage limit that suits your business size, data value, and regulatory obligations. Typical limits range from $250K to $5M+.
Finalise and activate the policy
Once approved, we provide documentation including your Certificate of Currency. Coverage can begin immediately or on a chosen date.
Add optional extras if needed
Some policies allow add-ons such as cybercrime, reputation management, or cover for outsourced IT services.
Ongoing support and claims help
If a cyber incident occurs, we support you through claims handling and liaise with the insurer to minimise disruption.
Why You Need It?
Ransomware is on the rise
Cybercriminals increasingly target SMEs with encryption attacks that demand high ransoms in exchange for system access.
Mandatory data breach reporting
If personal or client data is compromised, you may be legally required to notify affected parties and the OAIC.
Protects business continuity
Downtime from an attack can halt operations for hours or days. Cyber insurance helps fund recovery and income loss.
Covers legal and notification costs
Cyber policies cover solicitor fees, investigation costs, and customer communications if your systems are breached.
Supports brand recovery
Some policies include PR support and credit monitoring for affected customers helping you protect your reputation.
How Angelic Insurance Can Help?
We understand that cyber insurance can be confusing. Our role is to simplify the options, explain the risks, and help you make an informed choice.
Compare specialist cyber policies
We compare policies tailored for SMEs, e-commerce, health providers, and professional services firms with data exposure.
Review cover inclusions and limits
We explain policy wording and help you understand key inclusions like data breach, ransomware, and third-party liability.
Integrate with existing cover
We help ensure your cyber policy complements your business insurance or IT service contracts avoiding duplication or gaps.
Fast, responsive service
Need a quote quickly after a contract request or client inquiry? We can provide same-day documentation and quotes.
Claims support during crisis
If a breach occurs, we support you through the claims process and work with the insurer so you can focus on damage control.
Challenges Businesses Face Without Cyber Insurance
Without dedicated cyber cover, even one attack can have lasting consequences. Many businesses underestimate how costly a breach can be.
Business interruption
Cyberattacks can freeze systems, delaying orders, service delivery, and customer access for days or more.
Regulatory fines and penalties
Failure to secure personal data may result in investigations and penalties under Australian privacy laws.
Legal action from clients
If client or patient data is exposed, you could face lawsuits for negligence, contract breach, or data misuse.
High out-of-pocket costs
IT forensics, legal help, breach notifications, and system restoration are expensive often costing tens of thousands.
Reputational harm
Customers may lose trust and switch providers if you mishandle or under-communicate a data breach incident.
Case Studies: How Cyber Insurance Helped Real Businesses
Case 1 – Ransomware at professional firm
A Melbourne financial services firm had its network encrypted in a ransomware attack. Their cyber policy paid $48,000 for forensic recovery, ransom settlement, and business interruption losses.
Case 2 – Patient data leak at clinic
A Brisbane medical practice was breached after a staff email was compromised. The insurer funded legal advice, patient notifications, and system recovery totaling $32,500.
Case 3 – Phishing email leads to payment fraud
A Sydney wholesale business fell victim to a business email compromise scheme that redirected supplier payments. The cybercrime extension recovered $22,000 in losses.
Frequently Asked Questions
Angelic Insights
