Demand for cyber insurance remains patchy across Australia, with estimates ranging from 3% to 14% of organisations currently having some form of coverage.
The persistent lack of mandated data breach notification is regularly cited as a reason for this. While Australia\u2019s proposed data breach notification legislation is making slow progress, the nation certainly does not lack data breaches.
At the tail end of 2016, big four bank NAB announced it had accidentally sent the personal details of 60,000 customers to the wrong website, while in early 2017, a slew of hacktivist attacks were launched \u2013 some by a Tunisian Islamist group which defaced the website of Victoria\u2019s treasurer and a handful of schools. Another was launched against Victoria\u2019s Human Rights Commission website.
In its 2016 threat report, the Australian Cyber Security Centre noted that there had been 1,095 serious security incidents affecting government systems, and 14,804 affecting private business in the 12 months to the end of June 2016.
Fergus Brooks, national practice leader for cyber risk at Aon Risk Solutions , is a broker who focuses on cyber insurance. He\u2019s also one of the NAB customers affected by a recent email breach \u2013 but has yet to hear directly from the bank about the issue, and predicts that it has been handled so poorly that there will be customer churn as a result.
The fact is that many data breaches are costly in terms of customer losses, reputation damage and, in some cases, because of the cost of compensation.
Yet, Brooks said fewer than 3% of Australian businesses have any form of cyber insurance. In the US, where there is mandated data breach notification, he said about a quarter of companies have some form of cyber insurance.<\/p>\n

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