Cyber attacks are costing businesses up to AUD840bn ($ 600bn ) a year worldwide, with the increasing complexity of attacks making them a difficult risk to model, according to Browne . “I think the sophistication of cyberattacks is growing at a speed that no industry is able to keep up with, and I think even the most resilient companies when it comes to patching their IT systems [and] ensuring that they have robust data centres, are likely to be taken by surprise because the sophistication of the hacking community is incredibly impressive," Browne told the publication. The average cost of a cyber claim is nearly double that of a fire loss claim, said Sinead Browne from Allianz , adding that much of the the list five years ago cyber loss is currently uninsured. Cyber attacks have the potential to spread across the world within hours , with the connected nature of businesses adding to vulnerabilities, The Insurance Council of Australia said. Allianz said cybersecurity is one of the biggest issues facing businesses and individuals.
Cyber attacks are costing businesses up to AUD840bn ($ 600bn ) a year worldwide, with the increasing complexity of attacks making them a difficult risk to model, according to Browne . The average cost of a cyber claim is nearly double that of a fire loss claim, said Sinead Browne from Allianz , adding that much of the the list five years ago cyber loss is currently uninsured. Cyber attacks have the potential to spread across the world within hours , with the connected nature of businesses adding to vulnerabilities, The Insurance Council of Australia said. Allianz said cybersecurity is one of the biggest issues facing businesses and individuals.