2021 Gallagher Cyber Insights Report on Australian businesses
Published 06 May 2021
Against a background of dramatically escalating security threats to Australian businesses as cyber criminals exploit the greater attack surface provided by changed conditions, we deliver the Gallagher Australia 2021 Cyber Insights Report as a valuable resource to help local businesses improve their defences and gain practical knowledge.
Driven by our time-honoured focus on understanding our clients’ business concerns and exposures Gallagher Australia asked respondents to rate their levels of confidence in their current approaches to cyber security and risk minimisation. We received responses from more than 600 businesses nationally, providing a representative view of Australia’s preparedness and cyber defence levels.
The data insights captured in this survey are depicted in ranked diagrams measuring business’s confidence in their cyber strategies in four key areas of operations, with corresponding advice on how they can improve their cyber risk management to minimise their exposures.
This expertise from our Cyber/Technology Practice specialists offers best practice solutions to cyber security problems, how to better prevent them and how to best to prepare for ongoing cyber challenges.
The report also covers the role of cyber insurance and the protections that it can deliver, including assistance with navigating the claims process.
Key cyber risks for Australian businesses
The key areas of cyber risk covered in the report include the following.
Less than half of our survey respondents were confident that their business conducts regular, up to date cyber security awareness training with all members of their teams.
Given many businesses have a highly active remote workforce that is flexible and often transitions between working in the office to working from home, employees pose an especially high risk to maintaining consistent and secure cyber security measures.
Utilising baseline cyber mitigation strategies
As the numbers of attacks have risen dramatically in the past year the Australian government has warned of the need for all businesses to be prepared, with the right defences and recovery resources in place.
When focusing on an organisation cyber criminals will often look for vulnerabilities in their vendors’ security systems as a way into their target’s network since supplier networks can be more vulnerable than those of the desired target.
Tools and testing and best practice
While new cyber security tools and strategies are constantly being introduced to address emerging cyber risks, we report on tried and true measures to ensure your organisation is one step ahead of cyber criminals.
Confidence in protection
Cyber insurance covers your business’s liability in the event of a cyber security breach affecting you or your customer, employee and or contractors’ information.
Gallagher provides insurance, risk management and benefits consulting services for clients in response to both known and unknown risk exposures. When providing analysis and recommendations regarding potential insurance coverage, potential claims and/or operational strategy in response to national emergencies (including health crises), we do so from an insurance and/or risk management perspective, and offer broad information about risk mitigation, loss control strategy and potential claim exposures. We have prepared this commentary and other news alerts for general information purposes only and the material is not intended to be, nor should it be interpreted as, legal or client-specific risk management advice. General insurance descriptions contained herein do not include complete insurance policy definitions, terms and/or conditions, and should not be relied on for coverage interpretation. The information may not include current governmental or insurance developments, is provided without knowledge of the individual recipient’s industry or specific business or coverage circumstances, and in no way reflects or promises to provide insurance coverage outcomes that only insurance carriers’ control.
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