The cyber security landscape is moving so fast that risk management protections are necessarily fluid and adaptive in a ramped up response to unfolding new threats.

In the H1 2022 edition of the Business Insurance and Risk Market update report we look at why cyber security is now recognised as the top global risk businesses face. Changing attacker tactics and ballooning insurance payouts call for new considerations, such as

  • swift escalation of cyber security threats
  • matching increases in premiums and reduced terms of cover
  • businesses need to accelerate their cyber security roadmaps
  • demonstrated cyber security controls essential for cover.

Cyber security is now a board level concern and to access insurance cover businesses need to be able to show their organisations are taking a holistic approach to cyber hygiene that is culturally embedded.

In addition businesses should be prepared to meet changing policy conditions as insurers must also now consider the risk aggregation across their portfolios and their overall exposure to commonly used software and IT solutions, or industry sectors which may use the same software solutions.

Other topics include:

  • Placement — why making a case for cover to local insurers is important.
  • Claims — the impacts of weather events on supply chain delays and claims inflation.
  • Directors and officers' liability — new capacity brings lower premiums but also risks for the unwary.
  • Disability sector — the factors making insurance for this sector hard to find.
  • Environmental, social responsibility and governance (ESG) — with an increased focus on ethical business practice insurers are scrutinising accountability.
  • Regional Australia — why the regional construction sector is facing crisis.

Download the report to learn more

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