Cyber underwriter Emergence Insurance has introduced a new group personal cyber product for businesses to offer as part of an employee benefit.   

Emergence founder and CEO Troy Filipcevic says the “Australian-first” policy will provide cover of up to $20,000 per employee for cyber events, including hacking, ransomware, malware, cyber espionage, and denial of service attacks.  

Mr Filipcevic says the policy will also cover an employee’s family members and costs less than $1 a week per employee, with no excess, for the employer.   

He says the policy represents the “next iteration” of its personal cyber policy that it began offering in 2020, as everyday cyber risks present potentially devastating consequences for Australians.  

“We use digital technology to find efficiencies and communicate, but criminals also use the technology to scam people and steal their identities,” Mr Filipcevic said.   

“We safeguard physical assets by locking doors and keeping our wallets secure. But what about access to digital assets? ID theft and online scams are rife in the Australian community.”  

Emergence COO Colin Pausey says the product provides employers with an innovative offering to provide employee benefits and encourage staff retention amidst a low unemployment environment. 

Mr Pausey says he encourages open discourse with customers keen on the product.   

“If brokers have other clients for whom the policy is applicable, let’s talk,” Mr Pausey said.  

The cyber specialist opened a broker-focused online portal in 2021 to help offer an accessible and organised process for brokers to purchase cyber-focused policies for clients.  

Emergence says the group personal cyber policy will also be eligible for purchase as a stand-alone product.