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Cyber Insurance, this is why you need it now! Cyber-attack is the biggest business risk in Australia, according to an annual World Economic Forum (WEF) survey of leaders. About 54% of local respondents listed cyber as the top danger. The survey findings were released ahead of the WEF’s inaugural Jobs Reset Summit on October 20-23.
Broker Marsh has urged Australian businesses against underestimating the ransomware threat, labelling the data-encryption malware as the “biggest threat” they face from cyber adversaries.
Ransomware attacks and extortion demands, which used to be in the sub-$1 million range, have risen to as high as $15 million. “It’s the biggest threat faced by corporate Australia at the moment,” Pacific Cyber Practice Leader Kelly Butler told insuranceNEWS.com.au. Read the full report here
While Insurance is just one strategy to protect your business, you can also adopt a risk-based methodology using the Australian Signals Directorate's Essential Eight framework .
It is important to remember that your Business Liability Insurance doesn’t cover you for a Cyber Attack or Data Breach.
How we can help – We aim to bring you the best policy that supplements your current Business Insurance. Contact Peter Vickers Insurance Brokers today to discuss on 1300 784 011
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Peter Vickers Insurance Brokers is part of the Steadfast broker network.