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Cyber Insurance Australia
A single cyber attack can drain your bank account, expose your customers’ data and shut your business down for weeks. Cyber insurance helps you recover – fast.
At VIM Cover, we assist Australian businesses in comparing cyber insurance from various insurers, ensuring you receive cover tailored to how your business operates and the data you store. We are independent cyber insurance brokers and our role is to provide clear advice, to explain your options in plain English and to ensure that your business cyber insurance is structured correctly from the outset.
We help you make sure:
- Your business is protected against ransomware, data breaches and cyber crime
- You have the expert assistance you need when an incident strikes, and not just a payout
- Your cover is tailored to your business, not a one-size-fits-all policy
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Our Insurers
We compare cover from the top cyber insurance companies to ensure you get the cover you need at the right price.
A GROWING THREAT
Cyber crime is now one of the biggest risks to Australian business
Cyber attacks aren’t rare events that only happen to big corporations – they’re a daily reality for businesses of every size.
SMALL BUSINESS
$56,600 cost per report
Average self-reported cost of cybercrime per report for a small business (up 14%)
MEDIUM BUSINESS
$97,200 cost per report
Average self-reported cost of cybercrime per report for a medium business (up 55%)
LARGE BUSINESS
$202,700 cost per report
Average self-reported cost of cybercrime per report for a large business (up 219%)
One cybercrime reported every 6 minutes
The ASD received over 84,700 cybercrime reports in 2024–25
1,113 data breaches
Were notified to the OAIC in 2024 – a 25% rise on the year before, and the most on record
*Sources: [ASD Annual Cyber Threat Report 2024–25](https://www.cyber.gov.au/about-us/view-all-content/reports-and-statistics/annual-cyber-threat-report-2024-2025) (cyber.gov.au); [OAIC Notifiable Data Breaches Report, 2024](https://www.oaic.gov.au/privacy/notifiable-data-breaches/notifiable-data-breaches-publications/notifiable-data-breaches-report-july-to-december-2024).*
The COVER
What is cyber insurance?
Cyber insurance – also known as cyber liability insurance or cyber security insurance – protects your business against the financial cost of a cyber attack or data breach. It covers both your own losses and your liability to others, and it gives you access to specialists who help you respond when something goes wrong.
Whether it’s ransomware locking your systems, a scammer tricking staff into paying a fake invoice, or a breach that exposes customer data, cyber and data insurance steps in to cover the costs of getting your business back up and running – from IT forensics and data recovery to legal, notification and public relations expenses.
We can help you determine the appropriate amount of cyber risk insurance to ensure your business is covered when it matters most, without paying for coverage that you don’t need.
The Risks
Common cyber threats businesses face
It is not necessary to be a target in order to be caught out. Cyber insurance is intended to address risks such as:
- Ransomware - attackers lock your systems and demand payment to release them
- Phishing and email fraud - employees are deceived into disclosing logins or making payments on fake invoices
- Social engineering - criminals pretend to be suppliers or executives to divert payments
- Data breaches - customer or employee information is stolen or exposed
- Hacking and malware - systems are broken into, damaged or held hostage
- Human error - a wrong click or weak password opens the door
Any one of these can mean lost income, legal costs, regulatory penalties and lasting damage to your reputation.
What's Included
What cyber insurance covers
Cyber liability coverage is usually built from four parts. All of these can be incorporated into a customised policy:
Business interruption – lost income while your systems are down
Data recovery – restoring lost or damaged data and repairing systems
Cyber extortion – ransomware demands and negotiation costs
Cyber crime – funds stolen through social engineering or fraudulent transfers
Breach response – notification, credit monitoring, crisis management and PR
Network security and privacy liability – claims from customers or partners after a breach
Media liability – claims arising from your digital content
Regulatory costs – investigations, fines and penalties following a privacy breach
24/7 incident response
A team of forensic analysts, cyber security engineers, ransom negotiators, legal counsel and PR specialists to contain the incident and get you back online.
Proactive protection
Services such as dark-web monitoring and threat intelligence that can prevent an attack from happening in the first place.
The cover, limits and exclusions are different from policy to policy — we’ll explain the detail before you make your decision.
Our Expertise
More than a payout - help the moment it matters
The most significant benefit of cyber insurance is not the check at the end – it’s the expert assistance you receive in the first hour.
When an incident hits, a good policy connects you to a 24/7 response team that triages the attack, contains the threat, restores your systems and manages your legal and reporting obligations. That quick response is the difference between a bad week and a closed door for most businesses. We ensure that the policy we quote is backed by a response capability that is suitable for your business.
Do I need cyber insurance?
Many owners think that they are too small to be targeted. The truth is that small and medium businesses are one of the most frequent targets of cyber crime in Australia – and that’s because they often have fewer defences.
You’re exposed if your business:
- Stores any customer, staff or supplier information, including emails, invoices and ABNs
- Accepts online payments or transfers money online
- Relies on systems, bookings or records that would hurt to lose
- Works with larger clients or government, which are increasingly mandating cyber insurance in contracts
- Has staff that might click on the wrong link
If any of these resonate with your business, you should consider cyber coverage.
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PRICING
How much does cyber insurance cost?
There’s no single price — cyber insurance premiums depend on your business. These are the primary factors that insurers take into account:
- Your annual revenue and industry
- The type and volume of data you hold
- Security controls you have in place (MFA, backups, Essential Eight)
- The amount of coverage and policy limit you select
- Your claims history
Companies that have good controls may be able to pay significantly less and have higher limits. As independent cyber insurance brokers, we compare the market to find the right level of cover at a competitive price. The most reliable way to determine the number is to ask for a quote.
How to reduce your cyber risk and premium
Insurers are very price sensitive to cyber risk, and the controls you have in place can have an impact on your exposure and your premium. Multi-factor authentication (MFA), tested backups, employee training and a written incident-response plan are all things that can significantly reduce your cost of cover.
One of the best ways to demonstrate to insurers that your business is taking cyber risk seriously is to align with the ASD’s Essential Eight. As your broker, we help you understand what insurers are looking for, present your controls accurately, and get the balance of cyber risk and insurance right — so you’re protected without overpaying.
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Why VIM Cover
Why businesses choose VIM Cover for cyber insurance
A cyber policy is only as good as the advice behind it.
As independent cyber insurance brokers, we are not tied to one insurer or one product. We compare the market and explain the differences, because the best cyber insurance for your business isn’t always the cheapest — it depends on your industry, the data you hold, your systems and your contractual obligations.
We also believe in straightforward advice. We’ll explain what’s covered, what’s optional, what isn’t covered and what insurers will want to know, so you can make informed decisions without having to decode a policy document.
- Specialist cyber knowledge, not a generic policy
- Real-world guidance for your business
- Real support from quote to claim
- Australia-wide cover
5/5 from Australian business owners
Independent brokers
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“Excellent in helping me with my new policy.”
– Sam West
Tailored To You
Cyber insurance tailored to your company
Each business has unique cyber risks and your coverage should be tailored to those risks.
We take the time to understand how your business operates — the systems you rely on, the data you hold, how you take payments and the obligations in your contracts. Next, we work with you to create a cyber insurance policy that addresses your unique risks, not a cookie-cutter solution, which minimises the risk of coverage gaps and ensures you are protected when you need it.
Related Cover
Cyber and your wider business cover
Cyber risk rarely sits on its own. Depending on your business, it often works alongside cover like the following:
Management Liability • Professional Indemnity • Business Insurance Package
We can help you see the full picture so nothing important falls through the gaps.
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Trusted by Australian businesses
Businesses choose VIM Cover because we’re responsive, easy to deal with and focused on results. We work hard to find the right cover at the right price, and we back it up with ongoing support when it matters most.
FAQ
Frequently asked questions
What is cyber insurance?
Cyber insurance — also called cyber liability or cyber security insurance — protects your business against the financial cost of a cyber attack or data breach. It will cover your own losses, your liability to others, and provide you access to specialists who will assist you in responding to an incident.
How much does cyber insurance cost in Australia?
This will depend on your income, sector, data you store, security measures and the cover you select. Businesses with strong controls like MFA and tested backups often pay less. Comparing insurers is the best way to get an accurate figure.
Is cyber insurance mandatory?
Although not mandated by law, it is becoming a standard requirement in contracts with governments or larger corporate clients, and most businesses are now making it a standard risk management requirement.
Does cyber insurance cover ransomware?
Yes. A cyber policy can include coverage for ransomware and extortion costs, including negotiation, and the cost of restoring your systems and data.
Is cyber insurance really necessary for small businesses?
Yes. Small and medium businesses are one of the most frequent targets as they may have less protection and even a minor attack can stop trading for days.
What isn't covered by cyber insurance?
Exclusions vary, but policies generally won’t cover losses from known issues you failed to fix, deliberate acts, or the cost of upgrading systems beyond restoring them. We’ll explain the exclusions in your policy clearly.
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How It Works
Arranging cyber insurance doesn't need to be complicated.
We begin with an understanding of your business, your systems and the information you have. We then search our insurer network and present suitable options. Once you’re comfortable with the options, we help you set up the cover — and if you’d rather buy cyber insurance online, we can guide you through that too. We are here to help when you need to make a claim or check your policy.
Get clear advice, tailored options, and cover structured properly from the start.
5/5 from Australian business owners
Independent brokers
Support at claim time