What businesses need to know as cyber insurance evolves.
Many Australian businesses are facing the painful realisation
that their cyber insurance coverage may be nowhere near as
comprehensive as initially believed.
Recent cases are revealing unrealistic expectations of cyber
insurance policies or failure to understand them in the first
place, while insurers narrow policy limitations and lift minimum
cybersecurity requirements. All organisations should be reviewing
their cyber insurance policies as well as prioritising risk
management strategies.
A recent Australian court ruling found automotive distributor
and service firm, Inchcape, could not claim costs incurred in the
clean-up and recovery after a cyber attack. In a clear example of a
company failing to understand its policy's terms and conditions
and thus the style of coverage provided, the federal court
judgement declared Inchcape's financial losses were incurred
due to its own decisions, not as of a direct
