The global cyber-insurance market is now worth an estimated US$9 billion (A$13.9 billion). This can include costs associated with business interruptions, responding to the incident and paying relevant fines and penalties. And it can insure itself against the consequences of a cyber attack.Ĭyber-insurance is a broad term for insurance policies that address losses as a result of a computer-based attack or malfunction of a firm's information technology systems. It can take greater care to protect the data it does store. It can limit the amount of sensitive data it stores. To protect itself (and its customers), a business has three main options. The estimated cost to the Australian economy in 2021 was $42 billion. One successful cyber attack is all it takes to ruin an organization's reputation and bottom line.
The growth of cyber crime means it is now arguably the top risk facing any business with an online presence.
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