CyberCare Insurance Review
CyberCare offers the best of both worlds: an easy application process and a security-first approach to protecting your business
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CyberCare is a cyber insurance solution that aims to make it easier for small- and medium-sized businesses to get the cover they need by eliminating the need for a lengthy application form.
Not only can you purchase your cover online in less than 3 minutes, but you're also getting insurance that puts security first - by sending you a team of security, forensics, legal and even PR experts when your network is compromised.
CyberCare is underwritten and offered by Agile Underwriting Services, a Lloyd's coverholder.
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What stands out about CyberCare?
CyberCare sets itself apart with its "CyberCare Approach", a swift and comprehensive response to any security breach, aimed at minimising the impact to your business from all angles.
When you're attacked, CyberCare sends out an IT security specialist that they call the "first-respondent". This person will diagnose, manage and fix the issue with 24/7 support from a team of IT forensics.
You'll also get access to legal and even PR specialists to help you manage all the offline impacts.
What does CyberCare cover?
CyberCare covers a range of damages you could face as a result of cyber attack and other cyber vulnerabilities. Their cover includes the following protection:
- Network interruption. Covers any income lost when your network is interrupted even if your network is controlled by a service provider.
- Data recovery. Pays to help you recover data that was lost or corrupted due to a cyber event.
- Cyber deception. Covers any money or goods you lose when someone defrauds you using cyber deception like social engineering.
- Data extortion. Covers you for any money lost when someone uses a threat of cyber attack to extort you.
- Information security and privacy liability. Pays any damages you are responsible for to any customers or other stakeholders who were impacted by your company's cyber event.
- Privacy regulatory defense and penalties. Pays any legal costs and regulatory fines you're responsible for as a result of the cyber event.
- Data breach notification expenses. Pays your legal, public relations, advertising and postage expenses related to notifying your customers and other stakeholders about a cyber event that might impact them.
- Crisis management costs. Pays for public relations, advertising and legal consultation to help you minimise or reverse negative impacts to your reputation.
- Breach identification and containment. Offers IT security and forensic services to diagnose, contain and provide a preliminary report on the issue .
- Legal connect. CyberCare can connect you with legal advisors to help you with legal requirements to notify customers, correspond with the relevant authorities and more.
- Remediation and IT forensics expenses. They can conduct a forensics assessment to prevent and put in place defences against any cyber event.
- PR connect. They can put you in touch with a public relations firm to help you safeguard your reputation if there is a data breach.
What's not covered?
Here are the situations where your Cybercar policy will not cover you:
- Bodily injury and property damage except for wrongfully inflicted emotional distress related to a privacy or security breach.
- Any damages related to the dishonesty of a partner, director or principal of your business.
- Inquests, hearings or court proceedings brought outside of Australia or New Zealand.
- Any event that you knew about or should have known about before buying the policy.
- Anything related to nuclear war or terrorism.
- Anything covered under a different insurance policy, except if it's an excess insurance policy.
- Natural wear and tear of your computer, network equipment or other hardware.
- Any nationwide computer virus except for ransomware.
- Anything that would cause CyberCare to break any laws or regulations
- Natural events like fire, flood, smoke and earthquake.
- Any damages due to anti-competitive or anti-trust breaches.
- Trading and money losses unless it's part of a cyber deception.
- Penalties from the Payment Card Industry Data Standard (PCI DSS).
- Any damages related to breaching a contract, except under the following conditions: those same damages would have been caused even without that contract in place, it was a breach of your own privacy or network security policy or it involves the protection of personally identifiable non-public information or non-public, confidential business information.
- Expenses related to restoring your network to a higher level or functionality than it was before the breach.
- Criminal fines and penalties.
- Civil fines and penalties that are uninsurable.
- Damages from power, utilities or telecoms failure.
- Damages that result from restrictions or actions required by a government authority including the Australian Competition and Consumer Commission, Australian Communications & Media Authority or the Australian Securities and Investments Commission.
Who's eligible to take out insurance through CyberCare?
You're eligible to take out cover through CyberCare as long as you have a registered ABN or ACN and your annual turnover during the last financial year was less than $10M.
The only exceptions are that online retail can't make up more than 30% of your business activities and your business can't be involved in the financial, medical, app development, online dating, gambling, social media or utilities industries.
What tiers of cover are available?
CyberCare offers 4 different levels of cover that each comes with a 8-hour waiting period and a $500 excess. Each tier covers the entire range of events discussed, just with different benefit limits.
Here are your options:
- Basic. Offers $250,000 worth of total protection.
- Plus. Offers $500,000 worth of total protection.
- Premium. Offers $1,000,000 worth of total protection.
- Max. Offers $2,000,000 worth of total protection.
Each policy tier limits you to $100,000 worth of protection for cyber deception. Other than that, there are no other sublimits. That means you can use the entire benefit however you need to based on how the damages occur.
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