Cyber Security and Multimedia Insurance
Historically, most Small to Medium Enterprises (SMEs) have viewed insurance to protect against a cyber-attack being a matter for large corporations, however with the current rate of technological development and mobile device usage it is increasingly apparent that SMEs are becoming more vulnerable to security breaches. Moreover, given that many general liability policies specifically exclude losses incurred as a result of Internet, the need for a separate cyber liability policy is rising.
In response to this growing need, SPRIG Insurance Pty Ltd (SPRIG Insurance), in partnership with a global insurance provider, has developed a Cyber Security and Multimedia Insurance cover (CSM Insurance), to address the first and third-party risks associated with doing business in the 21st century.
Our CSM Insurance offers cutting edge protection for exposures arising out of Internet and Mobile communications and provides clients with a number of options to manage varying exposures and ensuring versatile and affordable cover.
As well, through relationships developed within the cyber security industry and our risk management guidelines, we can actively work with our clients to assess their ICT systems and processes and develop and implement approach strategies to minimise risk exposures.
More importantly, as part of the SPRIG Insurance suite products, clients can be assured that through our commitment to niche scheme business, we will deliver significant benefits and provide superior terms and conditions.
Policy Benefits:
- Content Liability (including defamation, international property, misleading conduct, privacy)
- Privacy breach for stored data
- Data breach on mobile devices
- Loss of data
- Extortion and ransom costs
- Business interruption
Policy Covers | Bronze | Silver | Gold |
| Multimedia Liability | Full Limit | Full Limit | Full Limit |
| Network Security and Privacy Liability | Full Limit | Full Limit | Full Limit |
| Privacy & Data Breach expenses | Up to $500,000 aggregate | Up to $500,000 aggregate | Full Limit aggregate |
| Privacy Notification costs (includes involuntary costs) | Up to $500,000 | Up to $500,000 | Full Limit |
| Credit Assistance expenses | Up to $50,000 | Up to $100,000 | Up to $250,000 |
| Crisis Management expenses | Up to $50,000 | Up to $100,000 | Up to $250,000 |
| Forensic expenses | Up to $50,000 | Up to $100,000 | Up to $250,000 |
| Electronic Data Restoration costs | Up to $50,000 | Up to $100,000 | Up to $250,000 |
Optional Extensions | |||
| Personal Credit Information (PCI) Data Security Standards Breach: Fines & Penalties | N/A | optional Up to $10,000 | Up to $25,000 |
| Cyber Business Interruption | optional Up to $10,000 | optiona l Up to $250,000 | Up to $500,000 |
| Cyber Extortion | optional Up to $10,000 | optional Up to $250,000 | Up to $500,000 |
