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NFP Cyber insurance

Why Aon?

Aon now offer a leading Cyber Liability insurance product tailored to Not-for-Profits.

Unheard of 15 years ago, today, this product for cyber hacks and attacks is the most necessary product not only for NFP organisations but to any individual who relies heavily on their computer.

Imagine if your organisation’s computer was hacked and access gained to private information like addresses, emails, financial information, and credit card details of your donors. In this situation, not only will you face financial repercussions for no longer accessible data, along with potential legal and recovery fees, but also often irreparable reputation damage for not safeguarding your data.

In response, we've worked with our cyber risk experts to develop a comprehensive, affordable insurance cover that protects your Not-for-Profit as well as a risk management program to help reduce your chance of these attacks.

Cyber Insurance

Cyber Insurance – what are the fundamentals?

Cyber insurance is a product to protect organisations and individuals from Internet-based risks, and more generally risks relating to IT infrastructure and activities. 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 within all industries.

Cyber-crimes include cyber-stalking, industrial espionage and information theft, fraud, extortion, identity theft, phishing scams and cyber terrorism. Cyber criminals use malware and viruses, computer and network hacking, denial of service attacks and fraudulent online scams to commit their crimes. It is relatively easy to access computers and networks inadequately protected by virus software or passwords. Hackers directly steal laptops, computers and mobile devices and take advantage of computers that are left unattended.

What is the difference between Protector/Association Liability and Cyber insurance?

Some of the key differences between Protector/Association Liability Policies and Cyber Liability include:

  • Protector/Association liability relates to the provision of a professional service, but information and cyber risks are often not a fundamental part of the professional service being offered.
     
  • Protector/Association Liability cover is negligence-based, and since the Protection of Personal Information Act is going to impose strict liability, Cyber risks could fall wide of the cover.
     
  • Fines and penalties are a very common exclusion under Protector/Association policies, whereas cyber insurance policies generally afford coverage to the extent insurable by law.

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 $315 annually (excluding crime) or $1,315 anually (including crime)*.

A small expense when compared to the cost a Cyber issue could cause you.

* Pricing based upon 12 months cover, for an organisation with $100k turnover (0% generated from the USA), commencing July 2017 and based in Victoria. Pricing is variable dependant on factors, so please contact us for a formal quote.

What does our Cyber Insurance include?

Each and every claim limit
By providing cover on an individual claim basis, policyholders aren’t restricted by a policy aggregate and the full benefits of cover are available each time a crisis strikes, even if you experience multiple cyber incidents in the same policy period.
 

Nil Deductible
The policy provides a separate, full, additional limit to manage incident response costs, including forensic investigation costs and breach notification. This is to protect the main policy limit to pay for subsequent costs to handle potential litigation or regulatory actions.
 

Comprehensive computer crime cover
The policy provides comprehensive 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. The policy also covers the personal assets of SEOs in the event that their electronic funds or identities are stolen.
 

System repair costs
On top of standard data repair and reconstitution, the policy provides a full limit for costs associated with reconfiguring and rebuilding systems and networks after a system failure or corruption following a cyber-attack, including staff overtime costs and external specialist consultants.
 

Full retroactive cover
Cyber-attacks are often discovered long after they first occur. Our policy is one of the very few that offers 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.




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    1800 123 266
  • Email us

    au.nfp@aon.com
    • Got a question? Our dedicated NFP Team is available by phone or email Monday-Friday 8:30am-5pm AEST.

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