Insurance giant Aon says it has brokered more cyber insurance policies to Australian organisations already in 2016 than it did in the whole of 2015, as increasingly high-profile incidents including this month's online census failure spur businesses to think about protection.
The company's cyber global practice leader Kevin Kalinich said his firm claimed oversight of a quarter of the Australian cyber insurance market, and business had picked up notably this year.
He said it had grown from writing just five policies in 2013, when the insurance category first emerged in Australia, to 440 last year. However, so far this year 750 cyber risk policies and $5.25 million in premiums have already crossed its books.
But Mr Kalinich said that only one in 10 major Australian businesses had cyber insurance coverage compared to 70 per cent of big businesses in the US. Fergus Brooks, Aon's practice leader for cyber risk in Australia, said that overall only one in 50 local organisations had any form of cyber insurance.