Cyber Insurance can be an important policy to consider for any business with a digital footprint, as it may help protect your business from the costs associated with cyber events.
An important aspect of cover that is typically available with Cyber Insurance is the assistance of a specialist cyber incident response team. They can provide initial support at the outset of a cyber event, helping businesses to reduce the impact of cyber events and restore operations as quickly as possible. Engaging an incident response provider can be expensive and time-consuming, however under both CFC Cyber Insurance offers noted below, the policy cover includes incident response**.
Not all insurance policies are the same, as not all needs of an insured will be the same. Aon can provide access to more than one cyber solution, and help enable you to determine what cover meets your business needs and objectives.
Insureds are required to complete a proposal form before a quotation can be requested. This also enables you to discuss the policy differences with your Aon broker so you can be sure you’re making informed decisions. When the quotation is provided, subject to underwriting criteria, Aon will provide 2 options for your review: CFC Micro SME Cyber Insurance and CFC Cyber Insurance (Advanced).
If you would like a quotation for Cyber Insurance, click here to access a CFC proposal form.
Once you have completed the proposal form, send it by email to:
healthservices@aon.com
If you have any questions, please call 1800 805 191 and ask for The Health Open Market Team.
| CFC (Micro) SME Cyber Insurance |
CFC Cyber Insurance (Advanced)
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| The CFC Micro SME Cyber Insurance policy is an entry level policy which includes a maximum policy limit of $100,000. | Standard limits of liability (Sum Insured) available are: $500,000 or $1,000,000 Higher limits may be offered, subject to underwriting. |
| Available to businesses in selected industries with annual revenue under $2,000,000 | Can be arranged for businesses in a wide range of industries and for business’s with varying levels of revenue. |
| Sub limits are the maximum amount of cover for specified sections of the policy. The sub limits available under the CFC Micro SME Cyber policy are lower than the sub limits under the Advance CFC Cyber Insurance policy. The sub limits are included in the quote schedule when the quotation is provided so please ensure you read this document thoroughly. | Sub limits are the maximum amount of cover for specified sections of the policy. The sub limits are included in the quote schedule when the quotation is provided so please ensure you read this document thoroughly.
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Get complimentary access to CFC’s Response App:
When you purchase a CFC Cyber insurance policy arranged by Aon, you’ll receive complimentary access during your cover period to CFC’s bespoke suite of risk management services, delivered through their award—winning app, Response.
All you need to do is use your policy details to register.
Examples of some of the differences in sub limits between the two offers are shown below:
| CFC Micro SME Cyber Insurance
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CFC Cyber Insurance (Advance)
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| Insuring Clause 2 – Cyber Crime Funds transfer fraud sub limit :$50,000 ** |
Insuring Clause 2 – Cyber Crime Funds transfer fraud sub limit :$250,000 ** |
| Insuring Clause 2 – Cyber Crime Theft of Third Party Funds Held In Escrow $50,000** |
Insuring Clause 2 – Cyber Crime
Theft of Third Party Funds Held In Escrow $250,000** |
| Insuring Clause 2 – Cyber Crime Push Payment Fraud/ Invoice Manipulation NO COVER** |
Insuring Clause 2 – Cyber Crime Push Payment Fraud/ Invoice Manipulation $50,000** |
| Incident response cover included in limit of liability, not in addition to the limit. | Incident response cover is in addition to the limit of liability. |
| No cover for Media Liability and Technology Errors & Omissions | Optional cover available for Media Liability and Technology Errors & Omissions |
| No cover for consequential reputational harm. | Includes consequential reputational harm. |
Disclaimers
© 2023 Aon Risk Services Australia Limited ABN 17 000 434 720 | AFSL 241141 (Aon)
** Subject to full policy terms, conditions and exclusions.
The information contained on this website is general in nature and should not be relied on as advice (personal or otherwise) because your personal needs, objectives and financial situation have not been considered. Before deciding whether a particular product is right for you, please consider your personal circumstances, as well as the relevant Product Disclosure Statement (if applicable), Target Market Determination and full policy terms and conditions available from Aon on request. All representations on this website in relation to the insurance products Aon arranges are subject to full terms and conditions of the relevant policy. Please contact Aon if you have any queries.