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Cyber insurance solution for mid-sized businesses

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As the threat of cyber security incidents like data breaches and cyber-attacks grows, it is crucial for businesses to enhance their cyber resilience. To address this, Marsh has developed a specialised cyber insurance solution tailored to the unique requirements of the Australian mid-market sector. Backed by a panel of leading insurers, the solution provides extensive coverage for both first- and third-party cyber risks, helping to ensure your business is well protected from today’s cyber exposures.

Key features:

Broad accessibility

Available to all Australian businesses with annual revenues between 50 million — 500 million AUD.

First- and third-party coverage

Secure up to $10 million in limits through a panel of six insurers chosen for their coverage, pricing, service, claims proposition and expertise.

Additional Services

Offers optional risk management and loss prevention services that could be included within the premium or a bursary.

1st Party

  • Loss of income and increased costs of working
  • Network interruption from a security failure or operational error
  • cyber extortion/ransomware
  • Data recovery costs
  • Crisis management

3rd Party

  • Regulatory fines
  • Defence costs
  • Third-party liability
  • Content injury
  • Payment card industry(PCI)

 

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If you would like to learn more, please get in touch or contact your local Marsh advisor.

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FAQs

First-party agreements can cover direct costs incurred by the insured including:

  1. Loss of income and increased costs of working
  2. Network interruption from a security failure or operational error
  3. Cyber extortion/ ransomware
  4. Data recovery costs
  5. Crisis management

Third-party cover addresses liability events stemming from a cyber event, even if they manifest after the incident has concluded. It can include:

  1. Regulatory fines
  2. Defence costs
  3. Third-party liability
  4. Content injury
  5. Payment card industry (PCI)

Exclusive to Marsh clients, with annual revenue between $50 million and $500 million AUD, this offering is available to Australian businesses across all industries.

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