Australia: More companies seek cyber insurance than before
Source: Asia Insurance Review | Feb 2025
Many businesses in Australia and New Zealand are now considering cyber insurance as an essential addition in their security arsenal according to a new research report by Arctic Wolf.
Of the companies that participated in the study, 43% said they already have a cyber insurance cover, the remaining 57% said, they are actively considering getting one soon. It is significant to note that of the 43% that already have cyber insurance, 61% have a standalone cyber insurance policy.
The research survey polled 102 security and business executives from Australia and New Zealand. The majority of the companies that participated in the study employ between 100 and 499 employees.
The survey reveals that of the companies that do have cyber insurance already, 2% have had it for less than three months but a clear majority – 39% have had a policy in place for more than two years.
The report said the cyber security leaders are still not entirely confident with their insurance and the mean confidence score out of 10 works out to only 6.8.
The survey found that 61% of the respondents focused on security training and awareness before getting their cyber insurance policy, 57% worked on mitigating their exposure to risk and 49% hired additional IT or cyber security staff.
The survey revealed that finding the right cyber policy in New Zealand can be challenging as only a limited number of cyber insurance covers are available there. A