Cyber breaches are a rapidly emerging global risk, with the Australian Signals Directorate (ASD) receiving reports of cybercrime every six minutes on average, and the projected impact of ransomware alone causing up to $3 billion in damages to Australians each year*. Cyber breaches have become one of the biggest risks facing businesses today. QBE’s Cyber policy protects against the range of risks associated with digital technology and provides critical support in case of a cyber event.
What we cover
A cyber event can quickly cripple a company’s operations. QBE’s comprehensive Cyber policy provides bespoke coverage that guards against loss arising from current and emerging cyber risks. QBE’s Cyber insurance offering can include:
- Network Security and Privacy Liability Coverage
- Privacy Regulatory Proceeding Coverage
- Media Liability Coverage
- Event Expense Coverage
- Network Extortion Coverage
- Business Interruption Coverage
- Dependent Business Interruption Coverage
- Bricking Coverage
- Consequential Reputational Loss Coverage
- Reward Fund Coverage
- Cryptojacking Coverage
- Social Engineering Coverage.
Coverage highlights
- Worldwide protection
- 20% acquisition threshold, 90 days to notify
- Definition of claim includes nonmonetary relief
- Blanket waiver of subrogation when required by contract
- 60-day automatic extended reporting period
- Coverage for liquidated damages if not in excess of the insured’s liability
- Event expenses include costs to temporarily store the insured's electronic data at a third-part host location.
Target market
Broad capacity for cyber risk: from companies with fully outsourced IT networks to those with complex, large-scale IT systems.
QBE clients range from medium-sized enterprises to corporate / global corporations.
- Minimum revenue size $100m
- Primary and excess capacity up to $10M.
Risk appetite
Limited / restricted appetite
QBE underwriters have a selective, risk-control based outlook on the following industry segments:
Hospitality and Food Services (incl gaming machines)
Food and Grocery
Media, Publishing, Broadcasting
Financial Institutions
Professional Services
Education / Research
Business Process Outsourcing
Religious Organisations
Communications (Telco / ISP)
Data Storage / Processing
Healthcare / Medical / Hospitals
Marine / Aviation / Transport
Defence Industries (excl government agencies)
Outside of appetite
Electricity, gas, water, sewerage (utilities)
Maritime ports
Government Defence Agencies
Space technology
Adult content
Cryptocurrency / Non-Fungible Token (NFT)
Government - Municipal / State / Federal
Cannabis
Coal / Oil / Gas
For more information
Contact your QBE relationship manager for more information or speak to our Cyber underwriter, Ben Richardson, Ben.Richardson@qbe.com
Downloads for this product
* ASD (2023). ASD Cyber Threat Report 2022–2023. 2023–2030 Australian Cyber Security Strategy