Is cyber insurance necessary or a racket? What to know before you sign on - AFR - 5th Sept 2017

When was the last time you had a delightful customer experience with insurance? Well, we need to talk about cyber insurance.

In 2013, the Financial Ombudsman Service penned a circular titled "Queensland floods – lessons learnt" and there are useful ideas for us to bring to the cyber insurance discussion.

The Financial Ombudsman Service noted that among the improvements between the experience of Queenslanders claiming on flood insurance in 2011, and then 2013, was the standardised definition from the government of what a flood is. Words matter.

It's easy when we're dealing with fire, theft and flood. Well, at least in theory it's easy. We've been dealing with natural disasters for millennia. But the cyber domain and the risks that come with it are comparatively new, and evolving rapidly. A year is a long time on the internet.

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