The COVID-19 pandemic has emphasised the significance of cyber protection – and Professional Risk Underwriting Pty Ltd (ProRisk) is meeting that need with the launch of a new cyber & privacy liability product for organisations domiciled in Australia with a maximum of 500 employees and up to $25 million in turnover.

ProRisk's new Cyber & Privacy Liability Insurance Policy includes cyber extortion & ransom payment cover, privacy statutory liability cover, cybercrime data and application restoration costs, social engineering cover, and other benefits. It is available exclusively on ProRisk's quote/bind trading platform, ProBind.

“Cyber protection has been thrust into the spotlight with COVID-19. Cyber criminals are exploiting the global focus on COVID-19 and the new normal of working from home to infiltrate networks and extort money. Cybercrime costs Australian businesses an estimated $29 billion each year.  Our policy will help protect Australian businesses against the financial impact of a cyber-attack,” said Jaydon Burke-Douglas, ProRisk's general counsel and head of product.

The Cyber & Privacy Liability Insurance Policy's launch follows the recent launch of ProRisk's Allied Health, Sole Traders & Partnerships Management Liability, Association Liability, and Management Liability offerings.

Commenting on the new product, ProRisk executive director Hamish McDonald Nye said: “This product, like all the products we've released on ProBind, provides brokers with a level of flexibility and choice difficult to find elsewhere. It's a product ripe for our current environment, where the likelihood of cyber-crime leading to privacy breaches has increased.

“I believe that all brokers should make talking to their clients about cyber risks a priority. The last thing businesses need right now is to be faced with the financial devastation a cyber-attack can cause.”