Cyber insurance to become a ‘must buy’
Lloyd’s of London CEO Inga Beale recently advised cyber cover will become a must buy for all businesses as the risk landscape continues to shift.
Inga Beale asserts “The use of technology means that the risk of cyber attack is going to be one of the key risks that all businesses face and really they are going to be buying insurance to protect themselves against it like they do the other perils.”
Lloyd’s report that in Australia the amount of cyber insurance being purchased has increased 168-fold in the last two years. This indicates the risk has become more of a concern for businesses.
Mandatory breach legislation appears to have contributed as a key driver for the growth of cyber insurance in other parts of the world. This trends appears to be occurring in Australia when mandatory reporting has to occur if a loss of personal data.
The Chapter’s recent breakfast addressed cyber security. We will report more in this area as developments arise.