Cyber Insurance
Cyber Insurance
In today's digital age, cyber threats pose a significant risk to small and mid-sized businesses in Australia. Sync's cyber policy provides our Insureds with financial protection against a myriad of cyber, technological and privacy exposures. In addition, our Incident Response Partner is available 24/7 to discuss a potential, or actual, cyber incident or data breach.
Download Sync's Cyber Proposal form here. Contact Sync directly for Policy Wordings and any other information you require.
APPETITE LIST:
• Up to $500m revenue • $10m primary limits • Excess of loss opportunities
Covered
Construction
Covered
Trades
Covered
Health & Medical
Covered
Financial Services
Covered
Accounting
Covered
Architects
Covered
Law Firms
Covered
Healthcare
Covered
Retail
Covered
Manufacturing
Covered
Property
Covered
Wholesale Trade
Covered
Information Technology
Covered
Education
Covered
Agriculture
Cover Features
Sync’s cyber policy has been exclusively tailored to cover the insurable cyber risk exposures that Australian businesses face in today's fast-paced business landscape. Along with standard core coverage elements, we have also incorporated a broad range of additional features, to ensure your clients have the cover they need, when it really counts.
Business Interruption
Indemnifies the Insured for loss of profit as a result of a security or privacy breach. Sync Underwriting provides a 12-month Indemnity Period on every policy by default, to allow for exceptional circumstances where Insureds are down for a long period of time.
Contingent Business Interuption
Contingent Business Interruption indemnifies the Insured for loss of profit if their third-party IT service provider suffers a security or privacy breach, which impacts the Insured’s business.
Incident Response Expenses
Insureds have access to our Incident Response Team to discuss a potential or actual, cyber incident or breach. A panel of experts, including privacy lawyers, IT forensic specialists and ransomware negotiators will advise on actions required to mitigate the incident.
Cyber Extortion
Cyber extortion covers the Insured against financial losses resulting from cyber extortion incidents, usually ransomware scenarios. This includes the payment of extortion expenses and potentially the ransom to avoid or mitigate a threat.
Third Party Claim
Insureds can be exposed to third party claims if their customer information is breached due to a cyber-attack or if they unintentionally transmit malware which harms third parties.
Bricking Loss
Bricking Loss covers the costs to repair or replace the Insured’s computer hardware that has been physically damaged or loses its use or functionality due to a security breach. Sync Underwriting provides Bricking Loss by default in every policy.
Precautionary Shutdown
Sync’s Precautionary Shutdown indemnifies the Insured for loss of profit they may incur if they are required to shut down systems to prevent or reduce an imminent threat from causing more significant damage.
Reputational Harm
A very real exposure as more cyber-attacks are publicised by the media, Sync Underwriting’s Reputational Harm coverage indemnifies the Insured for loss of profit as the direct result of an adverse media event, arising from a cyber event.
Directors & Officers Liability
An emerging exposure for many company directors in Australia, due to their duty to create and maintain cyber resilient enterprises. Directors & Officers Liability coverage in Sync’s policy provides protection for the personal liability of company directors and officers in the event of a claim against them, due to a security or privacy breach.
Social Engineering Loss
Social Engineering Loss occurs when the Insured is manipulated into transferring funds to an unintended third party, due to an unauthorised, fraudulent written, electronic or telephonic instruction.
Push Payment Loss
If the Insured’s IT system is hacked and a fraudulent invoice is e-mailed to their client, who unwittingly pays a criminal rather than the Insured, our Push Payment Loss cover simply and quickly indemnifies the Insured for the financial loss.
System Failure
System Failure indemnifies the Insured for loss of profit due to an unplanned outage not caused by a security breach. Importantly, Sync Underwriting provides System Failure for outages which affect the Insured’s computer system, but also a third party IT service provider’s system that is business critical to the Insured.
Sync's Cyber Insurance Is Backed By World Leading Security
Lloyd’s
Lloyd’s is the world’s specialist insurance and reinsurance market. Operating in more than 200 countries and territories worldwide, the Lloyd’s market has an unrivaled concentration of specialist underwriting expertise. For more than 150 years, Lloyd’s has provided tailored insurance and reinsurance solutions for a variety of Australian risks. Lloyd’s is licensed to write general insurance and reinsurance business under the Australian Insurance Act 1973. In 2018, Lloyd’s underwriters wrote A$2.8 billion of business in Australia, making Lloyd’s the fifth largest general insurer in the Australian market.
Tokio Marine
The Tokio Marine Group was founded in 1879. Today, Tokio Marine & Nichido Fire Insurance Co., Ltd. is Japan’s oldest and largest property, casualty and marine insurer. It is recognised as a world leader in commercial insurance, with a long history of financial stability and excellent security ratings.
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