Cyber Risk Management

Cyber Risk Management and Cyber Insurance

Every business in under threat from cyber attacks. Your business is no exception.


Today our online world poses just as much threat to your business as other more traditional business risks. The Australian Cyber Security Centre reports a cyber attack every 8 minutes

At Austral Risk Services, we believe that it is critical for businesses of all sizes to protect their organisations from cyber threats.

Cyber attacks and breaches

  • Cyber attacks occur in large, medium and small businesses - no business is safe.
  • Viruses, ransomware and malware attacks are the most common, which often sends the entire network down and leaves the business unable to operate.
  • Cyber attacks result in IT expenses, restoration costs to repair systems, possible reputation damage and loss of revenue.
  • It is mandatory for organisations subject to the Privacy Act to report eligible breaches. Failure to do so can result in financial penalties of $420,000 for individuals or $2.2 million for companies.

Our Cyber Risk program allows clients to address their cyber weaknesses at a holistic level so that Boards, Directors, business owners and senior employees can minimise the risks of potentially significant losses by way of disruption, reputation, fines, penalties and of course, profit.

Austral Risk Services risk managed approach enables all businesses to discharge their responsibilities through identifying cyber risks and their organisational weaknesses in a rapid and cost effective way.

Our aim is to help you minimise your risk of cyber-attack and also reduce the cost of insurance if taken.

Cyber risk insurance

Austral’s Cyber Liability & Privacy Protection Insurance covers the following:

  • Third Party Claims covers the Insured's liability to third parties from a failure to keep data secure, such as claims for compensation by third parties, investigations, defence costs and fines and penalties from breaching the Privacy Act.
  • First Party Costs cover reimburses the Insured for the costs incurred to respond to a breach, such as IT Forensic Costs, Credit Monitoring Costs, Public Relations Expenses and Cyber Extortion Costs (including ransom payments to hackers).
  • Business Interruption provides reimbursement for the Insured's loss of profits resulting from the breach, as well as any additional necessary expenses it may need to incur to continue business as usual.

Call Austral today to find out how we can help you insure against cyber threats.



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