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’s 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 – some by a Tunisian Islamist group which defaced the website of Victoria’s treasurer and a handful of schools.
