Main
Log in

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.

Full Story

In the News

Managed security: a big gamble for Aussie IT providers - CRN - 02 August 2018

TechSci Research estimates the Australian managed security services (MSS) market will grow at a CAGR of more than 15 percent from 2018-23 as a result of the increased uptake of cloud computing and...
Read More...

Kids, Education and The Future of Work with Dr Joseph Sweeney - Potential Psychology - 25 July 2018

What is the future of work and how do we prepare our kids for it? Are schools and universities setting kids up for future success? Does technology in the classroom improve outcomes for kids? Should...
Read More...

PageUp starts rebuilding and looks to learn lessons after data breach nightmare - AFR - 27 June 2018

The timing couldn't have been worse for PageUp; two days before Europe's new data protection regime came into force the Melbourne-based online recruitment specialist's security systems detected...
Read More...

Australia is still in the cyber security dark ages - AFR - 28 June 2018

In terms of cyber security years, Australia is still in the dark ages, a period typified by a lack of records, and diminished understanding and learning. We're only a few months into practising...
Read More...

AMP does maths on infosec shortage - ITnews - 18th June 2018

Cyber security and risk advisor at analyst firm IBRS, James Turner, said the cyber skills shortage was prompting a wider rethink around the domain in terms of resourcing for the last few years....
Read More...

Subscribe to IBRS Updates

Invalid Input
Invalid Input
Please enter a valid email address
Please enter your mobile phone number
Invalid Input

Get in-context advice from our experts about your most pressing issues or areas of interest

Make an Inquiry

Sitemap

Already a subscriber?

Login to read your premium content.

        Forgot your password?
Recently Viewed Articles
Related Articles