Tuesday, 11 October 2022

Cybersecurity risk and the value of cyber insurance.

Eric Eekhof spoke with journalist, Christopher Niesche, about the value of cyber insurance as part of a special report in today’s edition of The Australian. Eric joined fellow industry experts, sharing their insights into why cyber insurance is worth investigating and how businesses can determine the best coverage tailored to their risk profile.

Among the points businesses need to consider, Eric highlighted the rising costs, stating, “In the past, you would easily get insurance with a $5m cover and they would basically give it to everyone at a reasonable price. Now, you would get the same insurance but with a two-limit cover for double the price.”

Weighing this against its ultimate value, he added to the discussion about why many businesses now require cyber insurance. He said, “… for some companies, it is part of the cost of doing business because many large financial institutions and government agencies are carrying out supply chain risk assessments and want to know if their suppliers carry cyber insurance.”

Read the full article, as published in The Australian, here.