Cyber

Digital security padlock with encrypted binary code on futuristic circuit board.

Our Cyber Insurance policy helps protects against a range of risks associated with digital technology and provides critical support in case of a cyber event.

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