Experts in global cyber risk protection
business cyber insurance
Working with businesses of all sizes, Emergence equips brokers with award-winning products and technology to protect their clients with ease and efficiency.
Business cyber protection insurance
Emergence Business Cyber Insurance is a dynamic solution tailored for businesses of all sizes. Whether you're a startup taking your first steps or an established enterprise aiming for growth, our comprehensive protection adapts to your evolving needs. Safeguard your digital assets, customer data, and operations with a scalable insurance plan that grows with your business. We understand that cyber threats evolve, and so does our coverage. Stay ahead of risks confidently, knowing that your business is fortified against the challenges of an ever-changing digital landscape.
Cyber event protection
Our award-winning Cyber Event Protection policy is offered to SMEs, from micro to mid-market businesses.
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The core policy covers:
- Business interruption
- Third party liability, and
- Cyber event response costs
Optional cover for:
- Non-IT contingent business interruption and system failure
- Criminal financial loss
- Socially engineered theft
- D&O liability
- Tangible property, and
- Joint venture cover
Cyber enterprise solution
Our Cyber Enterprise Solution is marketed at enterprises and offers comprehensive protection.
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The core policy covers risks including:
- Business interruption
- Dependent business interruption
- Third party liability, and
- Cyber incident response costs.
A range of optional covers are also available including:
- Reputational harm cover
- System failure
- Multimedia liability
- Tangible property, and
- Joint venture cover
Cyber Excess Protection
For businesses requiring larger limits than a primary policy can provide.
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Available for both SME and Enterprise businesses, with the option to extend the limit of indemnity for risks to $25 million per policy.
Group Personal Cover
Our Group Personal Cyber is purchased by businesses and provides personal cyber cover for its employees.
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The Group Personal Cyber cover includes cyber event response costs.
how we help
Claim Scenario
The insured experienced unexplained server failures. Only when the ACSC warned of an imminent ransomware threat via email, suspicion of a cyber incident was raised. The subsequent
investigation uncovered substantial data theft from the file server, persistent unauthorised access, and exploitation of known vulnerabilities spanning months. Multiple state and Commonwealth agencies requested information in response to the incident.
Cyber Event Protection solution
The Incident Response team promptly engaged trusted experts to help respond to the incident. Firstly, a Digital Forensics & Incident Response expert investigated and secured the environment, identified the incident’s root cause, and assisted with security recommendations. Legal counsel then advised on legal obligations, reviewed the compromised data, and facilitated notifications and reporting. Crisis Communications experts managed external communications to minimise damage to the reputation. Professional Identity support services aided affected individuals and redirected inquiries for a focused incident recovery. These costs are covered under our Cyber Event Protection policy as Section C Cyber Event Response Costs.
Claim Scenario
A Microsoft 365 account owned by an insured staff member was compromised, leading to the unauthorised sending of phishing emails to 2,767 recipients. The threat actor also gained access to the insureds SharePoint files, including a document containing usernames and passwords. Additionally, the attacker sent targeted emails to two clients, alerting them of altered bank details, resulting in payments being redirected to the threat actor’s account.
Cyber Event Protection solution
A phishing-related account compromise was identified, and legal costs were incurred obtaining advise on legal obligations including reporting the breach. Our Cyber Event Protection policy covered the legal costs, digital forensics and incident response costs under Section C Cyber Event Response Costs. The optional Criminal Financial Loss cover compensated the insured for direct financial losses from altered client payments.
The Emergence Incident Response team guided the insured through the process, advising the implementation of a two-step payment approval process whenever changing existing payments details.
Claim Scenario
A staff member received an email supposedly from a client, containing updated bank details. Without confirming the changes with the client, the insured unknowingly fell victim to a threat actor who had compromised the client’s email. Consequently, a significant payment was issued to the fraudulent bank account, resulting in a substantial financial loss for the insured.
Cyber Event Protection solution
The Emergence Incident Response team promptly advised the insured to report the fraudulent transaction to the bank for potential recovery and recommended checking email systems for
compromise. Despite efforts, the funds remained unrecoverable. Under the optional Criminal Financial Loss cover, the insured was compensated for the socially engineered theft, as the electronic transfer led to a direct financial loss covered by the policy.
Claim Scenario
A medical practice’s reception mailbox was breached, and a phishing email was then sent to over 1000 contacts. The email contained a fraudulent link that led to a credential harvester for
usernames and passwords. The practice faced a wave of privacy queries. Patients were distressed about the security of their medical and personal information if they had entered their credentials.
Cyber Event Protection solution
The Emergence Incident Response team took immediate action to engage a Digital Forensics expert to investigate and secure the insureds environment. The root cause of the incident was
identified, and security recommendations were provided. The digital forensics costs were covered under Section C Cyber Event Response Costs. The investigation revealed the compromise was limited to the reception mailbox and no medical data was impacted. The Emergence Incident Response team drafted communications to reassure clients their medical data was safe.
Claim Scenario
The insured learned of an IT system compromise when a user reported login issues. The Managed Service Provider (MSP) discovered a ransom note and subsequently shut down the insureds IT system. Digital forensics confirmed data exfiltration and encryption of the environment. The Insured’s practice management software held significant amounts of sensitive personal information.
Cyber Event Protection solution
A number of experts were appointed to assist the insured, with those costs covered under Section C of the policy. Digital Forensics investigated the root cause and secured the IT system. Crisis Communications experts managed media attention and internal communications. Ransom Negotiators engaged with the threat actor, significantly lowering the ransom payment, and
ensuring compliance with sanctions checks. Emergence Incident Response team triaged and guided the experts to successfully restoring the practice’s IT system.
Claim Scenario
A medical practice discovered that their email had a been compromised and was used to send out phishing emails to their patients. After the discovery, a password reset was conducted
promptly. However, it was unknown how long the attacker had access to the compromised email account, which raised concerns as that account was used by medical staff to share patient information, reports, referrals between clinics, payment information, Medicare details and medical history.
Cyber Event Protection solution
Forensics investigated the incident, discovering a third-party application in their Microsoft environment, which had the ability of copying the entire mailbox. Legal counsel was retained
to provide privacy advice, draft notifications to relevant government bodies and individuals and conduct an eDiscovery. The insured received support in issuing notifications along with IDCARE to support affected individuals.
Claim Scenario
The Insured contacted the Emergence hotline after they discovered some of their servers were encrypted by a ransomware demand made by a threat actor.
While some IT systems were unaffected, which allowed the insured to remain operational in the short-term, crucial data for long-term operation was inaccessible.
Cyber Event Protection solution
Forensics experts were engaged to understand initial access, the extent of the incident, and actions performed by the threat actor. Legal counsel provided privacy advice and assisted with
communications with stakeholders. Ransom negotiators managed the communication with the threat actor. They were able to efficiently communicate and negotiate with the attacker, who
provided the decryptor for free and additionally, was no longer seeking ransom payment. All above costs were covered under the policy - Section C - Cyber Event Response Cost.
Claim Scenario
An international energy and mining company discovered they had a business email compromise. They identified a staff’s email was used to run a phishing campaign to approximately 500
recipients. Upon investigation it was identified that the user clicked on a phishing email, compromising their credentials.
Cyber Event Protection solution
We engaged Digital Forensic investigators to investigate the extent of the compromise and actions taken by the threat actor. They determined 6 additional mailboxes had been compromised and 1 mailbox had been exfiltrated. Legal counsel were retained to conduct a review of the data in the mailbox, provide advice on privacy obligations, and draft notifications to affected individuals and the OAIC.
All above costs were covered under the policy Section C – Cyber Event Response Costs.
Claim Scenario
The insured has a number of entities across VIC & NSW involved in planning, architecture and interior design. A Russian ransomware group gained access to the insured’s IT, deleted the backups and deployed ransomware on the insured’s network, encrypting all of their systems and data. They demanded a ransom payment of $USD350,000 in exchange for the decryption of data. The insured was unable to access any saved concepts, designs or documentation for work in progress, emails or their VPN. They were faced with the potential collapse of their business if they did not pay the ransom.
Cyber Event Protection solution
The IR team performed Triage of the Incident and engaged experts to assist, with those costs covered under Section C - Cyber Event Response Costs:
Digital Forensics investigated and secured the environment, identified the incident's root cause, and assisted with security recommendations. Lawyers assisted with privacy act and reporting obligations and gave advice on legality of a ransom payment. Crisis communications experts managed communication with clients and stakeholders. A ransom negotiator conducted the negotiation with the threat actor, negotiating ransom demand down to USD$150,000. They also facilitated the payment of the ransom. Data securing and restoration costs incurred by Insured’s IT provider were also covered under Section C. The expertise of the experts we engaged, and subsequent data decryption to enable the Insured to continue operating. Section A – Losses to Your Business covered the significant business interruption loss suffered by the Insured. Over $900,000 of covered costs were paid under the policy.
Claim Scenario
A staff member of the insured was subject to a phishing attack, during which his email account credentials were harvested, allowing a threat actor to gain access. The threat actor sent emails to the Insured’s clients notifying of altered bank details and attaching invoices totaling over $290,000. One client was expecting these invoices and issued payment for them, resulting in these funds going to the threat actor’s bank account. When the threat actor attempted to request further payments that the client was not expecting they queried it with the Insured and the compromise was discovered. The Insured lost accounts receivable for $290,000 and the Insured’s client was unable to recover these funds via their bank. This hindered the construction process as it could not proceed whilst the matter was being investigated.
Cyber Event Protection solution
The Insured had already conducted significant investigations internally when lodging the claim. Our Incident Response team assisted in reviewing these investigations, discussing additional considerations such as privacy obligations. Expert assistance was not required as the compromise had been sufficiently remediated and no privacy obligations arose from the matter.
The accounts receivable were lost. The Cyber Theft optional cover under Section D – Criminal Financial Loss covered the insured for their loss of accounts receivable.
cyberSuite
To compliment our insurance offering, Emergence established cyberSuite - a related company who's core purpose is to answer a clear market demand for specialist cyber advisory services, delivered with greater efficiency and quality, for more effective and better decision-making. cyberSuite offers targeted services including fast track investigation of cyber incidents, privacy breaches and advisory services covering pre-breach and post-breach cyber, data protection and privacy to help you navigate the complex and often challenging process of getting ready for the cyber insurance underwriting process.