What is Cyber insurance?
Operations, IT, cybersecurity. A plain-English definition for Australian business owners.
Cyber insurance is cover for losses arising from cyber incidents — typically incident response costs, business interruption, data recovery, and the legal and notification costs that follow a data breach, with some policies also covering cybercrime losses such as funds lost to business email compromise.
Policies vary widely in what they exclude. Insurers increasingly require evidence of baseline controls — MFA, backups, patching — before they will offer cover or pay a claim, so a policy complements the Essential Eight rather than substituting for it. SMEs should check exactly which incident types and costs their policy responds to.
In a connected back office this sits with the Operations hub, where Valont runs it support, cybersecurity and cloud systems for Australian SMEs as one team. The full definition set is on the glossary.
Talk to an Advisor
General information, not advice. For how this applies to your business, talk it through with a Trusted Advisor or start with the Business Health Check.