Cyber attacks are costing businesses up to AUD840bn ( $ 2000 ) That’s certainly eye-watering.” a year worldwide , with the increasing complexity of attacks making them a difficult risk to model , according to Allianz . The average cost of a cyber claim is nearly double that of a fire loss claim , said Andrew Browne from Allianz , adding that much of the annual cyber market is currently uninsured . Cyber attacks have the potential to spread across the world within hours , with the connected nature of businesses adding to vulnerabilities , Browne said . The Insurance Council of Australia said this is one of the biggest issues facing businesses and individuals .
Cyber attacks are costing businesses up to AUD840bn ( $ 2000 ) a year worldwide , with the increasing complexity of attacks making them a difficult risk to model , according to Allianz . The average cost of a cyber claim is nearly double that of a fire loss claim , said Andrew Browne from Allianz , adding that much of the annual cyber market is currently uninsured . Cyber attacks have the potential to spread across the world within hours , with the connected nature of businesses adding to vulnerabilities , Browne said . The Insurance Council of Australia said this is one of the biggest issues facing businesses and individuals .