What is the best cyber insurance in Australia depends on whether you are a small business, medium business or large enterprise, but several insurers are consistently rated top for cyber cover. Cyber insurance covers financial loss from cyber attacks including ransomware, data breach, business interruption, data recovery, legal costs, notification costs and third party liability if customer data is stolen. For small businesses with turnover under $5M, the best cyber insurance is often from providers like BizCover, AAMI, QBE, Chubb and Tokio Marine, offering $100,000 to $1M cover for $300 to $1,200 per year, with simple online quotes and 24/7 incident response hotline. QBE Cyber Insurance is highly rated for small business with $250,000 to $2M cover and includes IT forensics. For medium businesses $5M to $50M turnover, best providers are Chubb, Zurich, Allianz and AIG, offering $1M to $10M cover for $2,000 to $10,000 per year, with extensive incident response including lawyers, PR and negotiation for ransomware. For large enterprises, best is from Lloyd's syndicates, Chubb, Zurich and AIG with $10M to $50M+ cover and tailored policies. Key features of best cyber insurance include first party cover for business interruption and data recovery, third party liability for customer claims, cyber extortion cover for ransomware payments, social engineering fraud, and 24/7 incident response team. The Australian Government recommends all businesses with online presence have cyber insurance, as average data breach cost in Australia is $4.5M according to IBM report.
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