Australian organizations face rising costs due to data leaks, with premiums increasing by up to 30% to cover cyberattacks, according to insurance broker Marsh.
This surge is accelerating because many insurers fail to invest in IT services that prevent costly cyber and ransomware attacks. In these attacks, hackers demand payment, hold data hostage, and often leak valuable information across the internet.
Marsh’s head of global placement for the Asia-Pacific region, John Donnelly, explained, “Ransomware attacks are growing fast, and the losses are significant.”
Several high-profile Australian organizations have suffered cyberattacks. Nine Entertainment, publisher of the Australian Financial Review, and logistics company Toll were among the victims. The attack on Nine appeared to be ransomware, but the hackers made no demands.
Marsh also reported that U.S. organizations renewing their annual insurance in the first quarter of 2021 had a 35% chance of experiencing cyberattacks. This figure doubled from the previous quarter and marked the largest increase since 2015. In Britain, the rate reached 29%.
Mr. Donnelly highlighted a major concern for insurers: unlike geographically limited events, such as a cyclone in North Queensland, cyberattacks can target systems worldwide. “They have the potential to be global,” he said.
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