CFC Underwriting has revealed it has seen 107% growth in new cyber insurance business in Australia over the past year. According to the specialist firm, the introduction of the Notifiable Data Breaches (NDB) scheme was the key driver in the take-up. “We attribute much of this growth to awareness of the impending legislation surrounding notification, […]

Cyber attacks are costing large Australian enterprises an average of $8.3 million a year, but the real costs could be much higher. In a study sponsored by HP Enterprise Security, the US-based Ponemon Institute questioned 30 large Australian organisations on their experience with cyber attacks over a four-week period and extrapolated its findings to a […]

Healthcare is about to change beyond recognition. A host of technologies are uniting to transform the way we treat patients and develop cures – from artificial intelligence to remote patient monitoring and interactive telemedicine services. According to Rock Health, $1.6bn of funding flowed into the eHealth sector during the first quarter of 2018, exceeding comparable […]

As the rate of corporate email compromise increases, ensuring that you are insured for Cyber Incident Response is a must-do. Contact us now to discuss options. CYBER ALERT – JULY 2 2018 Web-based Corporate Email Compromises Rapidly Increasing The CFC Incident Response team has seen a surge in cybercrime against corporate web-based email accounts, like […]

More information regarding human-based cyber defence is available at Human Element Security, and in the 2014 Cyber Security Intelligence Report published by IBM. If you would like to discuss Cyber Risk Management and insurance, please contact us. Large-scale studies such as IBM’s 2014 Cyber Security Intelligence Index reveal that 95% of all security breaches are […]

Another day, another cyberattack: just last week, two major Canadian banks – Bank of Montreal and Canadian Imperial Bank of Commerce – revealed that they had been contacted by cyberattackers claiming to have stolen the data of nearly 90,000 customers, in what was described as the first significant assault on financial institutions in the country. […]

It looks like the message is finally getting through after a recent survey found over half of Australian and New Zealand businesses increased their cyber security spend last year. A new report by Australia’s Cyber Emergency Response Team (AusCERT) showed that 58% of organisations across the region bumped up their spending in 2017.   The […]

A senior underwriter has urged brokers to further educate their clients on cyber risk, saying criminals are still having alarming success with traditional methodology. Speaking at a webinar earlier this week, Gerry Power – Emergence’s national head of sales – told the 1,100 attendees that hacking was involved in 48% of breaches, while malicious software […]

Shareholder class action lawsuits could soon make their presence felt in the cyber insurance market, an expert has said. According to Bloomberg, tech giant Yahoo last month reached an $80 million settlement with investors over claims that executives concealed data breaches following an attack thought to have shaved US$350 million off the valuation of the […]