Vol 48 Issue 1

In short

• A recent Australian Actuaries Institute paper found that while larger businesses are now taking cyberthreats seriously, relatively few Australian SMEs are doing likewise.
• Even when SME owners are conscious of the potentially existential threat of a cyber attack, they’re been reluctant to purchase policies they can’t easily understand and fear they might struggle to afford.
• Both insurers and governments have a role to play, chiefly by raising awareness, providing training and creating a broader range of user-friendly cover.

In 2022, the Actuaries Institute of Australia analysed the cyber vulnerabilities of big, mid-sized and small Australian businesses. It found there was room for improvement all round.

At about the same time the green paper was released, two massive data and privacy breaches made headlines around the country.

First, there was the cyber attack Australian telecommunications company Optus, in September 2022 that compromised the personal data of millions of customers.

The following month, Australia’s private health insurer Medibank revealed it had experienced a similar breach, with hackers gaining sensitive, private details of 9.7 million Australians.

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