What is cyber insurance?
Cyber insurance is insurance that provides protection for businesses from the inherent risks associated with using the Internet and information technology in the course of conducting business.
Risks associated with the Internet include hacking, data breaches, data loss, social engineering fraud, denial of service attacks, viruses, malware and ransomware. Risks associated with information technology include human error, hardware failure, software failure and staff dishonesty.
While cyber insurance cannot prevent a cyber event from occurring, it can help to mitigate the costs to a business so that your business is able to recover and move on from such an event.
Who is Edmund and what do they do?
Edmund Insurance is a corporate authorised representative of Bellrock Broking, which holds an Australian Financial Services Licence (AFSL). Edmund cyber insurance is underwritten by Munich Re syndicate at Lloyd’s.
Along with offering a comprehensive cyber insurance policy, Edmund also provides 24/7 access to an emergency response unit (in partnership with KPMG), which specialises in dealing with cyber breaches and threats.
KPMG is one of the largest professional services companies in the world and its emergency response unit is composed of a KPMG legal team to provide advice on potential legal issues, a KPMG forensic and cyber team to contain the breach and minimise its impact on your business and a KPMG public relations team to help manage and minimise any reputational damage.
What are some of the standout features with Edmund cyber insurance?
You can find the following features with Edmund cyber insurance:
- Dedicated product. Cyber insurance is all they do, so their entire resources are focused on helping their customers survive and recover from cyber breaches.
- Online quoting. They offer a fast online platform where you can get a quote and obtain cover in minutes.
- 24/7 availability. Since a cyber breach can occur at any time, Edmund’s emergency response unit is available to respond 24/7.
What types of losses does this product cover?
One of the primary risks businesses face is data breaches resulting in losses. In such cases, Edmund cyber insurance helps to cover the costs associated with the following:
- Loss of income due to business interruption
- Notifying customers of a privacy breach
- Credit monitoring and call centre services
- Recovering compromised data
- Repairing damaged computer systems
- Computer forensics
- Dealing with extortion demands
The other main risk is the risk of liability for losses and damages caused by such breaches. In this case, Edmund cyber insurance helps to cover the following costs:
- Defence and settlement of third-party claims
- Defence and penalties for compliance breaches
- Management and repair of reputational damage
Edmund cyber insurance also offers optional cover for losses incurred as a result of social engineering fraud, which are scams used by criminals to trick businesses into divulging confidential information or funds.
Who should get Edmund cyber insurance?
As most businesses now use the Internet and some form of information technology in their day-to-day operations, Edmund cyber insurance is for every kind of small to medium-sized business.
Their cyber insurance has been custom built for businesses with an annual revenue of up to $20 million and is particularly suitable for public companies, consulting firms, companies subject to government oversight, financial institutions, healthcare providers, IT services, educators and those in the hospitality, retail and manufacturing sectors.
How do I contact Edmund?
Edmund’s fast, user-friendly platform means you can get a quote online in just a few minutes. Simply answer a few questions about your business, receive your quote and obtain cyber insurance cover on the spot.
Alternatively, you can request further information using their online contact form, send an email to email@example.com or call Edmund Insurance on 1300 833 368.