--- title: "Cyber Insurance" url: "https://vimcover.com.au/cyber-insurance/" type: "page" published: "2024-02-15T07:39:47+10:00" modified: "2026-08-26T12:06:41+10:00" author: "Brad Smith" --- Excellent 5/5 on Google # 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 [Call 1300 003 555](tel:1300003555) ![GoogleReview Profiles](https://vimcover.com.au/wp-content/uploads/2026/03/GoogleReview-Profiles.png) **5/5**from Australian business owners Independent brokers Support at claim time ## Get a Cyber Insurance Quote ## Our Insurers We compare cover from the top cyber insurance companies to ensure you get the cover you need at the right price. ![NTI Logo](https://vimcover.com.au/wp-content/uploads/2023/06/nti.png) ![hollard logo](https://vimcover.com.au/wp-content/uploads/2023/06/hollard.png) ![QBE Logo](https://vimcover.com.au/wp-content/uploads/2023/06/QBE.png) ![Vero logo](https://vimcover.com.au/wp-content/uploads/2023/06/vero.png) ![Zurich Logo](https://vimcover.com.au/wp-content/uploads/2023/06/zurich.png) ![allianz logo](https://vimcover.com.au/wp-content/uploads/2023/06/allianz.png) ![Blue Zebra Insurance Logo](https://vimcover.com.au/wp-content/uploads/2023/06/bzi.png) ![CGU logo](https://vimcover.com.au/wp-content/uploads/2023/06/CGU.png) ![High Street Underwriting Agency Logo](https://vimcover.com.au/wp-content/uploads/2023/06/highstreet.png) ![Mecon Insurance Logo](https://vimcover.com.au/wp-content/uploads/2023/06/mecon.png) 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).* [Get a Quote](#quote) [1300 003 555](tel:1300003555) 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. [Get a Quote](#quote) [1300 003 555](tel:1300003555) ![Cyber Insurance Australia](https://vimcover.com.au/wp-content/uploads/2026/08/Cyber-Insurance-Australia.jpg) 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. [Get a Quote](#quote) [1300 003 555](tel:1300003555) 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: [https://vimcover.com.au/public-liability-insurance/](https://vimcover.com.au/public-liability-insurance/) ### [First-party cover — your own losses](https://vimcover.com.au/public-liability-insurance/) **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 [https://vimcover.com.au/public-liability-insurance/](https://vimcover.com.au/public-liability-insurance/) ### [Third-party cover — your liability to others](https://vimcover.com.au/public-liability-insurance/) **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.* [Get a Quote](#quote) [1300 003 555](tel:1300003555) 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. [Call 1300 003 555](tel:1300003555) [Get a Quote](#quote) ![GoogleReview Profiles](https://vimcover.com.au/wp-content/uploads/2026/03/GoogleReview-Profiles.png) **5/5**from Australian business owners Independent brokers Support at claim time 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**.](https://www.cyber.gov.au/business-government/asds-cyber-security-frameworks/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. [Call 1300 003 555](tel:1300003555) [Get a Quote](#quote) ![GoogleReview Profiles](https://vimcover.com.au/wp-content/uploads/2026/03/GoogleReview-Profiles.png) **5/5**from Australian business owners Independent brokers Support at claim time 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 [Call 1300 003 555](tel:1300003555) [Get a Quote](#quote) ![GoogleReview Profiles](https://vimcover.com.au/wp-content/uploads/2026/03/GoogleReview-Profiles.png) **5/5**from Australian business owners Independent brokers Support at claim time ![Stars Large](https://vimcover.com.au/wp-content/uploads/2026/03/Stars-Large.png) “Excellent in helping me with my new policy.” **– Sam West** ![Man tailoring Cyber Insurance](https://vimcover.com.au/wp-content/uploads/2026/08/Tailored-Cyber-Insurance.jpg) 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. [Get a Quote](#quote) [1300 003 555](tel:1300003555) 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](https://vimcover.com.au/management-liability-insurance/) • [Professional Indemnity](https://vimcover.com.au/professional-indemnity-insurance/) • [Business Insurance Package](https://vimcover.com.au/business-package-insurance/) We can help you see the full picture so nothing important falls through the gaps. Reviews ## 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. ``` EXCELLENT Based on 36 reviews Posted on Google B Gardam Trustindex verifies that the original source of the review is Google. I cannot recommend Danielle at vim enough. I had trouble renewing my insurance due to claims history. She worked hard and got me a new policy under difficult circumstances. Thanks danielle. Posted on Google Joe Meintjes Trustindex verifies that the original source of the review is Google. Have used VIM cover for a number of insurances. They have been very helpful, responsive and most of all competitive. Posted on Google Greg Pritchard Trustindex verifies that the original source of the review is Google. The team at Vim Cover are great to deal with!!! Posted on Google Ciri Stanek Trustindex verifies that the original source of the review is Google. Friendly staff who worked really hard to find the right cover for us. Thanks, Tyson and Carmine! Posted on Google M B Trustindex verifies that the original source of the review is Google. When it comes to renewing your insurance policies it’s certainly worth going through the right broker as they have the skill set and resources to save you a significant amount. I found VIM Cover , Australia to be the best by far. On Wednesday 5th June 2024 I contacted VIM Cover Australia after finding them on Google. I was after a competitive and sensible price for my Insurance cover. I spoke to Tyson one of their team members and his professional help and customer service was excellent. Tyson was able to beat any other quotes I was given plus offer me more value for the price given. We selected my insurer to be through Zurich and I saved myself over $150 per year. I would highly recommend VIM for their professional advice, help and customer service. Thank you Tyson for making my inquiry a great and straightforward experience. I look forward to sharing my experience with family and friends and would highly recommended your services to anyone. If there was an option I would have left a ten star rating. Posted on Google Cassie Cross Trustindex verifies that the original source of the review is Google. Loved working with the team. The process was fast and incredibly easy. Thank you so much! Posted on Google Laura Evans Trustindex verifies that the original source of the review is Google. My experience with VIM cover was nothing but professional. The employees were able to explain clearly what my cover involved and came in with a competitive price. I would highly recommend their services and look forward to dealing with them in the future for other insurance purposes Posted on Google sam west Trustindex verifies that the original source of the review is Google. Adam was excellent in helping with my new policy, very helpful throughout the whole process! ``` 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. ## Related Guides [!\[Businessman using laptop with AI tech auto insurance service concept, travel insurance data management, fast solve problem, service, digital transformation, protection, digital application.\](https://vimcover.com.au/wp-content/uploads/2025/04/CYBER-4-1024x684.jpg)](https://vimcover.com.au/blog/what-is-cyber-insurance/) ### [What is cyber insurance?](https://vimcover.com.au/blog/what-is-cyber-insurance/) Brad Smith April 11, 2025 [Read More »](https://vimcover.com.au/blog/what-is-cyber-insurance/) [!\[RISK MANAGEMENT PLAN CONCEPT\](https://vimcover.com.au/wp-content/uploads/2025/01/MANAGEMENT-LIABILITY-1024x571.jpeg)](https://vimcover.com.au/blog/top-management-liability-insights-for-australian-businesses/) ### [Top Management Liability Insights for Australian Businesses](https://vimcover.com.au/blog/top-management-liability-insights-for-australian-businesses/) Brad Smith January 21, 2025 [Read More »](https://vimcover.com.au/blog/top-management-liability-insights-for-australian-businesses/) [!\[Insurance concept, Businessman holding red umbrella on falling rain with protect with icon business, health, financial, life, family, accident and logistics insurance on city background\](https://vimcover.com.au/wp-content/uploads/2024/05/CYBER-3-1024x596.jpg)](https://vimcover.com.au/blog/understanding-cyber-insurance-keep-your-business-secure/) ### [Understanding Cyber Insurance: Keep Your Business Secure](https://vimcover.com.au/blog/understanding-cyber-insurance-keep-your-business-secure/) Brad Smith May 8, 2024 [Read More »](https://vimcover.com.au/blog/understanding-cyber-insurance-keep-your-business-secure/) [!\[andreas-brucker\](https://vimcover.com.au/wp-content/uploads/2023/06/andreas-brucker-g5Uh7nP60FA-unsplash-1024x683.jpg)](https://vimcover.com.au/blog/do-you-need-cyber-insurance-in-australia/) ### [Do you need cyber insurance in Australia?](https://vimcover.com.au/blog/do-you-need-cyber-insurance-in-australia/) Brad Smith February 7, 2024 [Read More »](https://vimcover.com.au/blog/do-you-need-cyber-insurance-in-australia/) 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. [Call 1300 003 555](tel:1300003555) ![GoogleReview Profiles](https://vimcover.com.au/wp-content/uploads/2026/03/GoogleReview-Profiles.png) **5/5**from Australian business owners Independent brokers Support at claim time ### Get a Quote