Cyber Insurance Hub
The facts
- Allianz's Risk Barometer Report has named Cyber Incidences as the #1 Most Important Global Risk to Businesses for 2025 (by a higher margin than ever before)
- The Australian Signals Directorate’s Australian Cyber Security Centre (ASD, ACSC) 23-24 annual report saw:
- 12% YoY increase of calls to their hotline (36.7k calls total)
- Average self-reported cost of cybercrime per report for businesses from $49.6k - $63.6k
- Top 3 self-reported cybercrimes for businesses:
- Email Compromise (20%)
- Online Banking Fraud (13%)
- Business Email Compromise Fraud (13%)
Resources
Choosing the right policy
1.
Assess the specific risks faced by your business, to ensure any policies cover them.
2.
Review coverage limits and exclusions to ensure they align with your needs. This includes considering the financial impact of a potential attack and understanding any associated deductibles and co-pays.
3.
Review the policy's terms and conditions, including any requirements for cybersecurity measures and incident response protocols. Some policies offer discounts or incentives for clients who implement security controls, so compliance is important to ensure benefit.
2025 Case study - Potentially Shifting the Onus in Cyber Incidences
- **In Short: Company, Inoteq Pty Ltd has been ordered to pay more than $190k to Mobius Group after paying a fraudulent invoice.
Hackers used the legitimate email address of Mobius's Director to send the invoice with "new" bank details. Although Inoteq queried the email, and requested confirmation and the court found Inoteq didn't do enough to protect itself. - Why is this important?: Lawyers say the effect of this case are likely to be felt across the country, with courts referencing this case in their decisions. If Inoteq Pty Ltd is/was covered by Cyber Insurance, it is likely that the full amount in damages would have been covered in a claim.
**Reference: abcnews.net.au - Scammed Company Inoteq ordered to pay $190k to Mobius Group after paying fraudulent invoice.
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Any insurance product information on this page is general advice only. AFSL: 229847. Phoenix Insurance Brokers, 155 Canning Highway, South Perth, WA 6151, (08) 9367 7399