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Cyber risk insurance

Business insurance policies

Other available business insurance policies

We have a lot of experience organising both Commercial Motor policies for single vehicles and Commercial Motor Fleet policies if your business operates a fleet of vehicles. These policies can extend to cover automatic additions and deletions, free windscreen, along with other benefits. They will provide protection for your vehicles, including own damage and third party property damage.

Your ability to earn an income is likely your biggest asset that requires protection. Through our association with Atlantic Financial Services, we can provide advice on a range of personal risk insurances, including Income Protection and Life Insurance.

If your business carries significant debtors, what would happen if your customer went into liquidation, could not pay, or you were accused of receiving a preferential payment? A Trade Credit policy can protect you against this loss. Atlantic can access a number of markets to cover this large exposure.

Atlantic can provide advice and organise cover for both hobby farms and commercial farms that are your sole source of income. Specific conditions in many home policies exclude claims if your property is over a certain size or has animals that are not just domestic pets. Speak with us today to ensure you are properly protected.

A General Property policy can provide you with protection for your valuable items Australia Wide and can include cover for Accidental Damage, Fire & Perils, Burglary/Theft and Transit. Speak with us today to determine whether this cover will suit your needs.

Many businesses believe Product Recall is automatically covered under their Liability program. This is often incorrect. In the event that one of your products requires recall following a risk of physical damage or injury, this specialist policy can cover you for costs including advertising, cartage and other monies spent in securing the return of your product.

If you move goods locally or internationally we can assist with a Transit policy that will protect the carriage of your goods for imports, exports and local transit by air, road, rail and sea. We can also arrange cover for these goods while in storage.

Atlantic’s Corporate Travel policies can provide automatic protection for you and your employees while travelling on business. It can also cover Directors, senior staff and other nominated people for their leisure travel. Includes cover for baggage, medical, liability and other important exposures.

If you offer any advice or provide a professional service, we recommend that you speak to us about putting a Professional Indemnity policy in place. This will provide you with protection against claims of negligent professional advice.

We recommend that all of our business clients consider a Management Liability Policy which provides the Directors, Officers and Employees of your company against claims arising from negligence in the performance of their duties. Covers include Directors and Officers Liability, Employment Practices Liability, Crime, Statutory Liability and many more.

A Business Package policy is often the most cost effective way to cover a small businesses common Property and Liability Exposures. At Atlantic Insurance we have a wide range of policies available to protect your businesses exposures, including Fire and Perils, Burglary, Business Interruption, Money, Glass, Liability, Machinery, Transit and many more.

Our experience with cyber insurance

For over 20 years Atlantic Insurance has been arranging Insurance Programs for Aged Care providers. It was the unique and sensitive information stored by these providers which resulted in us securing a Cyber Insurance option for their consideration. This was around 2015 when the Cyber Insurance product was in its infancy. This has since expanded and has now become a mainstream Insurance purchase that any business connected to the Internet needs to consider. We now arrange quotations for business from Sole Traders to Publicly Listed entities. There are now numerous Cyber Insurance products available, each of which varies and can be tailored to suit your specific needs.

Cyber insurance coverage considerations

All Cyber Insurance policies do have some common coverage inclusions. These centre around two key considerations, namely Losses to your Business and Loss to Others following a Cyber incident. These extend to include coverage for Loss or Profits, Impact Costs, Increased Costs of Working, Preventative Shutdown, IT Forensics, Virus Extraction, Customer Notification, Public Relation Costs and even ransom demands just to name a few. Coverage provisions for Third party Defence Costs and in a worst case scenario, fines and penalties, regulatory investigation, can all be considered under a Cyber Insurance Policy.

The type of Business you operate, the data you store, your IT infrastructure and approach to risk management are all factors which must be taken into account in determining the level of coverage and appropriate Cyber Insurance Policy for your Business.

Equipment & systems damage

In some cases, a cyber event may cause damage to your physical IT infrastructure. There are solutions available to cover this damage following a cyber event.

Cyber extortion

Atlantic Insurance can provide advice surrounding how cyber insurers will respond to a loss where you receive an attack or threat of attack against your IT infrastructure which can include a demand for money. The good news is this is often insurable.

Data restoration & virus extraction

A comprehensive cyber policy can ensure that any data restoration costs along with costs to rid your system of any viruses are covered.

Public relations costs

A cyber event that compromises your customers data can have a catastrophic impact on the public image of your business. Many cyber insurers provide some cover to enable you to reduce this loss by conducting public relations activities following an event.

Crisis management

Many cyber insurers will provide some emergency assistance to help you respond in the event that you suffer a cyber event. Speak with us today to discuss how this cover can assist.

Cyber theft

We can provide Cyber Insurance options that provide cover for the direct financial loss following cyber theft or telephone phreaking following a cyber event. Speak with us today for more information on this cover.

Loss of revenue

Atlantic Insurance can assist you to identify the potential exposure to your business in respect to lost revenue should you suffer a catastrophic cyber event that impacts your systems. A loss of revenue cover can protect against a reduction in turnover following an insurable cyber event. This can often be extended to cover a loss following a cyber event at a major supplier.

Breach of privacy

With recent legislation passing mandatory reporting, which will soon become law, a third party loss following a compromise of your customers personal information could run into the millions. A Cyber Liability Policy can protect you against this loss.

Cyber insurance – our observations

The uptake of Cyber Insurance Policies continues to surge and will become as common as purchasing Fire, Theft and Public Liability Insurance Policies. Recent data breaches on millions of Australians stress the need for organisations to have robust information handling processes and an up-to-date data breach response plan. Incidents such as those encountered by Optus and Medibank further illustrate that no one is immune and whilst Cyber premiums continue to rise in response to claims activity, it is an insurance purchase every Business needs to carefully consider. What has become apparent over time is the lengths Cyber criminals will go to, to gain access to your systems. Whilst these attempts were once somewhat obvious, these criminals have become skilled and creative in their approach.

Current claims landscape

Whilst we continue to learn of the exposure Cyber Hack, Thefts, Telephone Phreaking and Cryptojacking represent, it is the prevalence of Social Engineering which continues to be an area of concern. This sees a perpetrator gain access to your emails or systems, typically following a “click or a link” or download of a file which then permits access and enables them to fraudulently represent themselves as you. This access can then be used to communicate a change of bank account detail to your clients or suppliers, instruct the transfer of funds within a Business on your behalf and inject themselves into any other style of communication which can result in a financial loss to your Business. To further highlight this risk, we have witnessed a CFO query their CEO as to why he needs $40,000 transferred to a personal account, only to find out the email originated from an outside source. Secondly a Plumber who follows-up outstanding accounts only to discover these have been paid elsewhere and an email advising of a change in bank account had been sent previously, but not by him.

The other thing that has evolved in line with the development of the Cyber Insurance Product is the claims response. The willingness of Insurers to work-in with a clients own IT support, or proactively involve public relations experts where required and work around the clock to avert Business Interruption losses has been pleasing to see from our perspective. At Atlantic Insurance, we are confident that with the right policy in place, should you be in the unfortunate position of logging into your system to discover a ransom demand in exchange for releasing data you will have the support of us and your Cyber Insurer to put you in the best position to work through this loss. To see the team of resources deployed by Insurers to assist and secure an acceptable outcome, reiterates that this is an Insurance purchase that all Businesses need to consider


Your Cyber Insurers 24/7 Claim hotline will be able to direct you. The Policy provides coverage for IT Forensic investigation, crisis management, defence and settlement claims. The costs associated with data breach notification are also covered should it be required.

The Policy provides coverage to remove the virus, restore data and secure the IT systems avoiding any potential financial impact of downtime to the Business.

Make the Insurer aware via the claim hotline. The Policy will cover the cost of removing the malware and restore the website. The lost revenue and increased costs are also covered by the policy.

The Policy will cover the investigation costs and a provide legal advice if required to ensure you abide by the Notifiable Data Brief Legislation.

The Policy will cover the forensic investigation costs and the response costs to secure the email system.  The Direct financial loss of the funds transferred can also be covered under the policy.  This can be an extension under some policies.

Terminate the session and get in-touch with you own IT contractor. The forensic costs, and investigation costs in determining whether virus or any other malware/keystroke detection had been installed are covered, so are the costs to restore any data and determine the extent of the intrusion.

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