Australian businesses are getting smarter about managing cyber risks. Learning more about ransomware and improving their defences against cyberattacks are paying off, according to a recent industry survey by consultancy CyberCX. It found ransom payments dropped 50% in 2023, according to The Australian Financial Review.
But, there’s more to do.
Active cyber insurance: A game changer
If your SME has cyber insurance (about 20% do), remember, it’s not a set-and-forget solution. But it does play an important role in your cybersecurity arsenal.
In 2024, active cyber insurance is gaining traction. This policy goes beyond recovery and focuses on preventing cyber incidents. It helps SMEs identify weaknesses, improve defences, and offer tools to detect threats and respond effectively if attacked. Traditional cyber insurance focuses on financial recovery after an attack.
OT/IT overlap
In the past, operational systems (OT) were isolated from the internet, making them less vulnerable than information technology (IT) networks. But tech advancements mean OT equipment is now online too, creating overlapping risks between OT and IT.
Missing cybersecurity talent
Along with the rest of the globe, Australia is suffering from a cybersecurity skills shortage. We saw a high turnover of talent during the pandemic as hybrid or remote work made team cohesion tricky. According to TechRepublic, Australia will be 30,000 cyber security professionals short in the next four years.
Since then, businesses with unfilled cyber security vacancies are looking to upskill the staff they currently have to deal with the shortfall. Even the government is trying to nurture the next generation with a promising Virtual Work Experience program for 14-to-25 year olds with a disability to get a taste of ICT work.
Underwriters predict higher risk
A global survey of insurers predicts a significant rise in cyber risks this year, finding:
- Cyber risks will rise significantly this year
- Ransomware is likely to become the top threat
- Insurance premises will go up slightly
- Not much will change on businesses who prefer to self-insure, and
- Most respondents thought cyber policy coverages will roughly remain the same.
If cyber isn’t part of your insurance, it should be. Want to know more? CLICK HERE for the full run-down, or contact us today.