How much cyber insurance costs in Australia depends on your business size, turnover, industry, data you hold and cover limit, but there are typical ranges for 2024-2025. For a small business or sole trader with turnover under $1M, such as consultant, tradie, cafe or retail shop with 1 to 5 employees and not holding large amounts of sensitive customer data, cyber insurance with $100,000 to $500,000 cover costs $300 to $800 per year, or $25 to $70 per month. For a small business with $1M to $5M turnover, $500,000 to $1M cover costs $800 to $2,000 per year. For a medium business with $5M to $20M turnover, holding customer data and with higher risk, $1M to $5M cover costs $2,000 to $8,000 per year. For larger businesses $20M to $100M turnover, $5M to $20M cover costs $10,000 to $50,000 per year. Factors that increase cost include being in high-risk industries like finance, health, legal, IT services, having had previous data breaches, storing large amounts of personal information, having no multi-factor authentication, no backups, or no cyber training. Insurers like QBE, Chubb, Zurich, Allianz and AIG offer online quotes via BizCover, and premiums are lower if you have strong controls like MFA, backups, antivirus and cyber awareness training. Compared to average cost of data breach in Australia of $4.5M according to IBM and average small business cybercrime loss of $46,000, cyber insurance at $500 per year is cost-effective.
1 votes
Marked as accepted