Since the 22 September cyber-attack on Australian telecommunications giant Optus, additional hacking attacks have been revealed against Medicare and Telstra.

Woolworths subsidiary, Mydeal and Medibank have also been hacked, with recent reports revealing that the latter breach is wider in scope than originally thought.

In the wake of the Optus attack, the bulk of public and government commentary has concentrated on security rather than insurance. Optus is understood to have arranged cyber insurance however the extent of its cover has not been revealed.

At this stage, no estimates have been made of the total costs Optus will face as a result of the  invasion but the response required plus the expense of replacing thousands of clients’ documents (other than passports, which Optus CEO Kelly Bayer Rosmarin says do not need to be replaced) will be, to say the least, substantial.

The whole unfortunate scenario will test the extent of Optus’ insurance coverages including any sub limits, which can bite when applied.

Premium

You need to login to access this

Login

What are CIP Points? About ANZIIF Membership