GUEST OPINION by Brad Newton, ANZ Managing Director at Cohesity: Insurance by definition is ‘a financial agreement whereby premiums are paid in exchange for a guarantee that costs will be met if a predetermined event occurs. Given the Australian Cyber Security Centre receives over 67,500 cybercrime reports each a year, and a ransomware attack happens globally every 11 seconds, it’s little wonder the global cyber insurance market is valued at more than $8 billion annually, with a compounding annual growth rate of 23.76% through 20271.
Companies that offer insurance in Australia to cover network attacks, including ransomware incidents, should be prohibited from making any ransom or extortion payments, the Cyber Security Co-operative Research Centre says.
Many Australian small- and medium-sized enterprises believe they are less vulnerable to cyber incidents than their larger competitors, yet the majority of SMEs (60%) have experienced a cyber incident in the last 12 months.
New figures from Norton by Symantec state that just 19% of small businesses in Australia and 9% in New Zealand are looking to purchase cyber cover in 2017.
Cyber-attacks, hacks, breaches, data loss, DDoS, ransomware and more are a fact of life, but so far it seems only the big end of town, not SMEs, receive the publicity. It is a case of when, not if, the Australian government will introduce mandatory data breach notification revealing the true extent of the pain.
By the time you take out insurance against cyber threats, hacks, data leaks, breaches, etc., you probably have advanced capabilities in security and incident readiness and understand the risk profile.
New research from Mimecast shows 45% of organisations are unaware if cyber insurance will cover new social engineering attacks
Australia is Asia Pacific’s biggest spender on security with businesses, organisations and governments increasingly committing funds to combat an ever-growing threat from cybercrime, however security maturity has not matched this spend.
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