Cyber breaches are a rapidly emerging global risk, with the Australian Signals Directorate (ASD) receiving reports of cybercrime every six minutes on average, and the projected impact of ransomware alone causing up to $3 billion in damages to Australians each year*. Cyber breaches have become one of the biggest risks facing businesses today. QBE’s Cyber policy protects against the range of risks associated with digital technology and provides critical support in case of a cyber event.
What we cover
A cyber event can quickly cripple a company’s operations. QBE’s comprehensive Cyber policy provides bespoke coverage that guards against loss arising from current and emerging cyber risks. QBE’s Cyber insurance offering can include:
- Network Security and Privacy Liability Coverage
- Privacy Regulatory Proceeding Coverage
- Media Liability Coverage
- Event Expense Coverage
- Network Extortion Coverage
- Business Interruption Coverage
- Dependent Business Interruption Coverage
- Bricking Coverage
- Consequential Reputational Loss Coverage
- Reward Fund Coverage
- Cryptojacking Coverage
- Social Engineering Coverage.
Coverage highlights
- Worldwide protection
- 20% acquisition threshold, 90 days to notify
- Definition of claim includes nonmonetary relief
- Blanket waiver of subrogation when required by contract
- 60-day automatic extended reporting period
- Coverage for liquidated damages if not in excess of the insured’s liability
- Event expenses include costs to temporarily store the insured's electronic data at a third-part host location.
Target market
Broad capacity for cyber risk: from companies with fully outsourced IT networks to those with complex, large-scale IT systems.
QBE clients range from medium-sized enterprises to corporate / global corporations.
- Minimum revenue size $50m
- Primary and excess capacity up to $10M.
Risk appetite
Complex (detailed submission required)
- Gambling (except Casinos)
- Semiconductor manufacturing
- Aviation (commercial airlines)
- Data aggregators
- Hospitals and Health Systems (incl university hospitals) >500m revenue
- Healthcare Payers and Benefits Management
- including commercial health insurers, private employee benefit organizations, and private health insurance funds
- Monetary authorities
- central banks, clearing houses, rating agencies
- Technology limited to the following categories:
- Tech Service Providers (e.g. interconnected client exposure, SAAS or hosing)
- Financial Technology (Fintech)
- Managed Service Security Providers (MSSPs)
- Managed Service Providers (MSPs)
- Payment Processors
Outside of appetite
- Adult content
- Cannabis
- Crypto
- Cryptocurrency-focused financial service providers, including trading platforms, exchanges, custody services, mining operations, token generators, and their associated blockchain infrastructure
- Non-Fungible Tokens (NFTs)
- Public Sector & Government
- municipal – city/town, county/district, state /provincial/regional, and national/federal levels of administration
- public healthcare (e.g. hospital authorities)
- Government funded / run pre-university educational institutions
- ESG restricted classes
- Firearms and ammunition
- Controversial weapons
- Thermal coal sale or power generation
- Oil sands and arctic drilling
QCyberProtect is available through brokers and QBE authorised representatives. They’ll ensure your cover gives you the right protection and if you need to make a claim they’ll guide you through our hassle-free claims process.
Need a broker? See our guide to finding the right broker.
Publications
Cyber threats to the legal and professional services sector
QBE North America white paper
Cyber threats to the financial services industry
QBE North America white paper
Connected business: digital dependency fuelling risk
QBE Europe report
2024 Cyber Insurance Report
QBE North America report
Benefits listed are subject to terms and conditions. Limits and exclusions apply. To decide if this product is right for you, please refer to the relevant Policy, or Product Disclosure Statement (PDS) and Target Market Determination (TMD) available from your broker.
* ASD (2023). ASD Cyber Threat Report 2022–2023. 2023–2030 Australian Cyber Security Strategy