Small Business Cyber Insurance

Could you continue working if you were locked out of your computer? 


Cyber insurance (also known as cyber liability insurance) was unheard of 15 years ago. Today, it is a product needed by organisations and individuals who heavily rely on their digital assets. Consider what would happen if your computer was hacked and someone gained access to the private information of all your customers? If your turnover is over $3M you will now have to act as required by the mandatory data breach notification laws. 43% of all cyber crimes are targeted at small businesses.

60% of small businesses who experience a significant cyber breach go out of business within the following 6 months

As an organisation you may collect names, residential addresses, financial information, medical records, credit card details, email addresses all of which are extremely attractive to hackers for the use of identity theft and fraud.

If your systems are compromised not only do you face financial repercussions for data that is no longer accessible along with potential legal and recovery fees, but you also face damage to your reputation for not safeguarding your clients’ data.

Aon’s Cyber Insurance for Small Business


Like most general business insurance policies, cyber risk is determined by limits, turnover and industry. And while cover is comprehensive it doesn’t necessarily mean that it is expensive. In fact, for small business, cover can be acquired at a cost of a few hundred dollars per month.

A Cyber Attack can be extremely costly for you and your business. As exposure can vary from one organisation to the next, Aon can tailor a cyber-crime policy that reflects your risk landscape as well as your budget.

For personalised risk advice from a cyber insurance expert or to get a quote, contact us today.


Cyber Liability Insurance FAQ

What is Cyber Insurance?

Cyber-insurance is an insurance product to protect businesses and individual users from Internet-based risks, and more generally from risks relating to information technology 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.

How can cyber insurance help?

Good cyber Insurance can cover you for a range of digital attacks and breaches and could provide you with much-needed resources to help identify, contain and recover from cyber-crime. Cyber-attacks can often prove very expensive with the average cost of an attack pegged at $276,323, and over half of those costs spent just on detection and recovery. 

Small to medium sized business which are often targeted for their perceived lack of security systems run out of business from the resources needed to recover from an attack and the loss of revenue from interruption to normal business operations. In fact, over 60% of small businesses who experience a significant cyber breach go out of business after 6 months.  

Depending on the insurance product you purchase, cyber insurance can cover you for various cyber-risks that your business faces. Aon consultants can advise the right cover for your needs based on your unique risk profile. 

What is the difference between PI and Cyber Liability Insurance?

Some of the key difference between Professional Indemnity Policies and Cyber Liability Insurance are:

  • Professional indemnity cover 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.
  • Professional indemnity 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 professional indemnity 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, business wtih $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.


We are a not-for-profit organisation, what does cyber mean for me?

Cyber-attacks can happen on individuals, organisations and businesses – basically anyone who stores information digitally and uses computers and digital systems regularly. As a NFP you might store personal information digitally, or have a payment processing system to accept donations or offer ticketing online all these digital systems could be vulnerable to cyber-attacks.

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.

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. For more information on cyber for not for profit visit

Cyber Liability Insurance includes:

Each and every claim limit

By providing cover on an each and every claim basis, the policyholders aren’t restricted by a policy aggregate and that the full benefits of cover are available each time a crisis strikes, even if they 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, in order 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. The policy is one of the very 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.

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    • * Terms & Conditions apply. This policy is subject to eligibility criteria. Price and terms dependent on exposure risk and selected limits. For full policy details and for a copy of the wording please contact 1800 805 191. © 2017 Aon Risk Services Australia Limited | ABN 17 000 434 720 | AFSL 241141. This information is general in nature and should not be relied on as advice (personal or otherwise) because your personal needs, objectives and financial situation have not been considered.

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