ANZ Dashboard Digest

Cyber Insurance Not Yet Standard Practice

DATA PROTECTION

May 11, 2012

The Sydney Morning Herald reports on the importance of cyber insurance, noting it's often overlooked despite IT's importance to modern-day business operations. "Insurance coverage for cyber risks should be a significant and growing concern for companies," said a recent report from risk advisory company Marsh. However, few small- and medium-sized companies purchase cyber insurance, which usually covers technical risks such as loss of data. "People just think 'it won't happen to me' or 'it's just another insurance cost,' and they don't really appreciate the risks," said Allan Manning, managing director at loss adjuster LMI Group.
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