Cyber Liability and Privacy Protection

In the current digital era, businesses are more interconnected and dependent on information technology than ever before.

Businesses today face increasing risks and financial consequences from cyber threats. Cyber insurance helps transfer costs from data breaches, ransomware attacks and other cyber incidents.

Our Cyber Liability and Privacy Protection policy provides the following key coverage elements:

1. Third Party Claims: Claims brought against the insured by a third party alleging a privacy breach or other failure of network security, including damages and compensation payments, defence costs and legal representation expenses. Coverage also extends to regulatory investigations and resulting fines and penalties where legally insurable
   
2. Business Interruption: Reimbursement for lost profits resulting from downtime of affected systems, as well as necessary expenses incurred to maintain normal operations.
3. Response Costs: Reimbursement of the insured’s immediate out of pocket expenses for managing an incident, including IT forensic costs, legal expenses, public relations expenses, and credit monitoring and identity theft prevention services
4. Data restoration: Costs incurred to restore or replace affected data and software
5. Cyber Extortion: costs to engage specialists to assist in managing a cyber extortion or ransomware incident, and reimbursement for ransoms paid
6. Social Engineering, Phishing & Cyber Fraud: Cover for lost funds and other associated expenses resulting from direct theft via electronic means, Social Engineering, Phishing, Phreaking, Botnetting and Cyber Fraud

Enhanced Cyber Coverage for Australian business

DUAL also includes several carefully tailored additional enhancements and extensions beyond these commonly available cyber insurance covers, ensuring we can offer our clients the broadest possible coverage and support – including:

• Triggers for covered events affecting both on-premises and third party or cloud hosted systems

• Cover for Business Interruption losses triggered by human error and system failure

• Reputational damage – loss of profit caused by damage to an insured’s reputation and customer attrition resulting from a cyber event

• Specific cover for the costs of complying with an enforceable undertaking issued by a regulatory authority

• Post-event consulting costs to assist the insured in mitigating the risk of a subsequent cyber event

• Cover for repair and replacement of damaged hardware

• Optional coverage for Contingent Business Interruption Loss – for the insured’s losses resulting from an outage affecting a key (non-IT related) supply chain partner (sub-limited at $250,000)

• Extended social engineering fraud coverage – including cover for push payment fraud expenses (sub-limited at $250,000)

Dedicated and Experienced Incident Response and Claims Service

Knowing who to call when a cyber event occurs is critical, so every DUAL cyber policy also comes with access to hotline support provided 24 x 7 through our dedicated incident response team, CIMT – and backed by a panel of specialist service providers.

All DUAL insureds also receive the benefit of claims support from DUAL’s experienced in-house claims team based in Australia.

Click here to find out more about our Claims Service.

For more information, contact your local Underwriter or reach out to Samuel Rogers, our Head of Cyber Insurance.

DUAL's Appetite

WebRater Capacity up to $2,000,000:

DUAL offers a simple and straightforward method of obtaining cyber insurance terms through our online WebRater portal for organisations with revenues of up to $50m, and for limits of up to $2m.

Our target industry appetite includes:

• Professional Services – Architects, Accountants, Legal Services, Real Estate, Consultants
• Labour hire / Recruitment
• Retail / Wholesale / Importing – including online retail
• Manufacturing
• Mining
• Advertising and Marketing
• Design
• Construction
• Software Development and Sales
• Trade Services – Builders, electricians, plumbers, carpenters
• Not for Profit and Religious Organisations
• Medical Centres

DUAL understand that every business is exposed to cyber risk, so we now have over 900 occupations available through the WebRater for quoting Cyber!

Through our team of branch underwriters we also offer:

• Primary cyber insurance limits of up to $5m for organisations with annual revenues $50m - $350m
• Excess limits of up to $10m for organisations with annual revenues up to $1b