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Cyber Insurance

Could you continue working if you were locked out of your computer?
Cyber insurance can assist organisations and individuals who rely on their digital assets. Consider what would happen if your computer was hacked and someone gained access to the private information of your customers - or if ransomware left you unable to access critical systems.
Aon's Cyber Insurance Solution
A cyber attack can be costly for your business and exposure can vary from one organisation to the next.
The Aon Cyber Insurance Solution is a cyber insurance policy designed by Aon to meet the needs of small and medium sized businesses, which provides comprehensive and affordable cyber risk transfer, including an option for cybercrime coverage.
For tailored risk advice from a cyber insurance expert or to get a quote, contact us today.
Cyber Insurance FAQ
What is Cyber Insurance?
Cyber insurance provides financial protection for businesses from risks relating to data and information technology. Cyber risk is an exposure that no modern business can escape, and the financial impact of system interruption, privacy and cybercrime events are now felt across all industries.
How can cyber insurance help?
Cyber insurance provides financial protection for businesses from risks relating to data and information technology. Cyber risk is an exposure that no modern business can escape, and the financial impact of system interruption, privacy and cybercrime events are now felt across all industries.
What is covered?
Cyber insurance provides financial protection for businesses from risks relating to data and information technology. Cyber risk is an exposure that no modern business can escape, and the financial impact of system interruption, privacy and cybercrime events are now felt across all industries.
  • Cyber Liability
    Cover for a range of third party claims arising from data breaches, network security failures and publication of online content
  • Incident Response
    Costs associated with IT forensic investigation and data breach notification, including engaging legal experts and public relations consultants
  • Cyber Extortion
    Cover for expenses incurred in the investigation and resolution of a ransomware event
  • Business Interruption
    Cover for loss of net profit and extra expenses incurred due to a network disruption arising from a security failure, human error or programming error
  • System Recovery
    Costs to restore or recreate data and software arising from a security failure, human error or programming error.
On an optional, sub-limited basis, companies can also obtain cover for:
  • Cyber Theft
    Cover for direct financial loss arising from a security failure, e.g. a hacker stealing funds or redirecting a funds transfer
  • Social Engineering Fraud
    Cover for fraudulent inducement of funds transfer by attacker posing as vendor, customer or colleague.
What is the difference between Cyber Insurance and other insurance policies?
Traditional policies were not designed to cover many of the risks associated with an increasingly digital world. Typical forms respond as follows:
  • General Liability
    Covers bodily injury and property damage, not business interruption or first party expenses, may contain exclusions for data and privacy breaches
  • Errors & Omissions
    Covers economic damages resulting from failure of defined services only, and may contain exclusions for data and privacy breaches
  • Property Insurance
    Covers damage to tangible property, generally arising from physical perils. Courts have found this excludes cyber-attacks on data and systems
  • Crime
    Covers direct financial loss caused by fraudulent activities. No coverage for third party property such as customer/client data or first party expenses and business interruption.
Is Cyber Insurance expensive?
Cyber Insurance is not as expensive as you may think. As an indicative guide, for a $500,000 coverage limit, pricing starts from $1,250 annually*.
A small expense when compared to the cost a Cyber event could cause.
* Pricing based upon 12 months cover, business with $4m turnover. Pricing is variable dependent on factors, so please contact us for a formal quote.
 
Aon’s Cyber Insurance Solution Includes:
Broad Coverage
Aon can secure a cyber policy with best in class coverage, including non-malicious business interruption triggers, and broad definitions of cyber incidents and computer systems covered.
Access to Experts
Immediate connections to leading IT forensic investigators, lawyers and public relations consultants in the event of a crisis.
Full Retroactive Cover
Cyber-attacks are often discovered long after they first occur. The policy is one of few to offer full cover for events that occur prior to the first inception date of the policy, aligning cover with the point when the breach was first discovered, rather than when it first occurred.
Optional Computer Crime and Social Engineering Cover
The policy provides optional crime cover for a wide variety of third party electronic crimes involving the theft of money and fraud, including phishing scams, electronic wire transfer fraud, telephone hacking and social engineering.
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