The Australian corporate market is becoming more receptive to cyber insurance, ahead of mandatory data breach legislation due to come into effect in the country from February. Insurers are focusing on offering services and advice alongside their products, as many potential clients remain confused over what protections cyber insurance can provide. Lloyd’s of London has warned that a serious worldwide cyber attack could cause economic damage worth $US$53 billion.
The Australian corporate market is becoming more receptive to cyber insurance, ahead of mandatory data breach legislation due to come into effect in the country from February. Insurers are focusing on offering services and advice alongside their products, as many potential clients remain confused over what protections cyber insurance can provide. Lloyd’s of London has warned that a serious worldwide cyber attack could cause economic damage worth $53bn.