A number of business types, including those with annual revenue over $2,000,000 will be referred to Aon to provide information about other cyber insurance products.

Cyber Insurance policies contain exclusions and conditions which are important to understand. For example, Cyber Insurance will not cover any criminal activities or deliberate acts of wrongdoing by you; patent infringement; loss of economic value of your intellectual property assets; or power or utility failures. Refer to the policy wording for full details on exclusions under a Cyber Insurance policy.

Cyber Insurance is not intended to replace other types of more traditional insurance – such as public and product liability insurance or professional indemnity insurance.

CFC is the insurer who issues Micro SME Cyber Insurance, as well as other Cyber Insurance policies arranged by Aon. Learn more about CFC here. There are also other insurers who offer cyber insurance. If you’d like to know more about our insurer partners, please contact our team.

Cyber criminals can use malware and viruses, computer and network hacking, denial of service attacks, social engineering or online scams to commit their crimes. For cyber criminals, it can be relatively easy to access computers and networks that do not have adequate security infrastructure.

Whilst a company can put in place various controls to protect their business, a significant number of cyber incidents are caused by human error. Mistakes such as clicking on a link or opening a malicious email can be enough to allow cyber criminals access to your network.

Cyber insurance can help protect your balance sheet from the costs associated with cyber events. These can be large, particularly if sensitive personal data is breached, you lose access to critical business data or suffer downtime. The assistance of a specialist cyber incident response team, that is typically available with cyber insurance, may also be a worthwhile benefit. Engaging an incident response provider can be expensive, time-consuming and might not offer the expertise that is expected of an insurer’s incident response panel to tackle the situation head on.

Business Interruption cover is a feature available under Cyber Insurance which is designed to help cover your business’s loss of income which occurs as a result of an insured cyber incident, up to a specified period of time.

An unauthorised electronic transfer of funds from your bank; The theft of money from your bank by electronic means; The theft of money from your corporate credit cards by electronic means; and, any phishing or social engineering attack against any employee or officer that results in the transfer of your funds to an unintended third party. Cyber Insurance arranged by Aon gives you the option to be covered for fraud transfer fraud (up to a specified limit)³.