Cyber Business Insurance Australia
Cyber attacks no longer target only large corporations. Builders, tradies, professional services firms and growing businesses are increasingly exposed to scams, ransomware, data breaches and costly downtime. Cyber Business Insurance helps protect your business when digital threats disrupt operations.
Cyber insurance policies vary in the benefits they provide. Be Covered can help you find the most suitable product that meets the needs of your business. Here’s the type of cover that your policy may include:
- Business interruption covering financial loss you may suffer as a result of a cyber attack
- Cyber extortion covering the costs of a cyber attack, such as hiring negotiation experts, covering extortion demands and prevention of future threats
- Electronic data replacement covering the costs of recovering or replacing your records and other business data
- Security and privacy liability which covers damages resulting from data breaches, such as loss of third party data held on your system
Did You Know?
The average loss per cybercrime for medium businesses. This compared to $19,306 for large organisations and $8,899 for small businesses.
(Australian Cyber Security Centre, Annual Cyber Threat Report, 2020-21)
#1
Cyber incidents are now considered the top risk facing businesses globally.
(Allianz Risk Barometer, 2022)
Cyber crime reports increased nearly 13% between the 2019-20 and 2020-21 financial years.
(Australian Cyber Security Centre, Annual Cyber Threat Report, 2020-21)
What Can Be Covered
Do for You?
Everything from the premiums you pay upfront to the excesses you pay at claim time and the exclusions and conditions that apply to your policy – vary greatly depending on your insurer. Policies generally won’t include cover for:
- Damage to computer hardware.
- Criminal actions committed by you or your business.
- A cyber attack based on facts of which you were aware.
- Criminals using the internet to steal money from you.
The construction industry works in a unique environment working both on and away from site and working with multiple parties to finish a project – to ensure you are fully protected and have the correct Builder’s Cyber Insurance in place, contact Be Covered who specialise in builder’s insurance.
Common Questions Answered
Yes. If you store customer info, use online payments, or job management software, you're at risk of a cyber breach.
Cyber insurance covers your business for data breaches, ransomware attacks, system hacks, and losses from cyber downtime—including the cost to restore data, notify affected customers, and recover lost income. It can also cover legal expenses, IT forensic costs, and regulatory fines if you're found in breach of privacy laws.
Yes, with a social engineering extension—this covers invoice scams and phishing attacks.
Not yet, but it’s becoming essential for any business operating digitally.
Yes, it can cover the cost of restoring data, lost revenue, IT forensic support, and legal obligations.
A hacker gains access to your email account, intercepts a concreting invoice for $18,000, and changes the bank details—your client unknowingly pays the scammer. If your policy includes social engineering cover, it may reimburse the stolen funds, provide forensic IT support to secure your systems, and cover legal or notification costs—helping you recover both financially and reputationally.
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