Cyber Insurance Market Insight
Your source for cyber insurance market trends and analysis.
While cyber is evolving at a rapid pace, there continues to be a much smaller uptake in cyber insurance across Australia, compared to the US.
Nevertheless, the cyber insurance is on a fast moving upwards trajectory and has been growing at levels not previously seen in traditional lines of business. This trend is expected to continue with the introduction of mandatory data breach notification laws in Australia and the EU coming into effect in 2018.
- The market is still in its infancy, and penetration rates for standalone cover remain low in Australia
- Australia’s mandatory data breach notification laws take effect 22 February 2018; those in the EU commence three months later, potentially further impacting some Australian businesses
- At minimum, organisations should be developing data breach response plans
- The Enterprise Internet of Things, and the increasing use of the cloud for data, further increases the need for boards to focus on cyber risk exposures
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