Internet security assurance company TruSecure has formed a partnership with St Paul Insurance Australia to offer local businesses up to $5 million in cover for cyber risks such as virus and hack attacks.
The company is offering subscription to an enterprise-wide program that identifies risk to critical information assets and sets out how to mitigate the risks and "harden" the network before organisations receive certification.
Currently Australian companies have to undergo a security audit to receive insurance and, if rejected, there is no standard process for "hardening" their networks which is why TruSecure has opted for this certification model.
It is an alternative to a one-off security audit and the certification program provides organisations with a total of $1 million in material damage insurance with an option of $5 million coverage for business interruption.
TruSecure Asia Pacific CEO Pierre Noel said Australian companies are just waking up to the fact that standard business insurance policies do not extend to e-security risks.
"Even organisations aware of the situation previously faced immense hurdles in achieving adequate cover; this solution addresses that problem," he said.