Reinforcing cyber security strategies with cyber insurance

Cyber security is a critical challenge for Australia. From opportunistic hackers to professional cybercriminals, the risks of having confidential data compromised, intellectual property stolen or business operations disrupted are all too real when companies are storing their assets on virtual, shared, remote or outsourced platforms. In 2016, cybercriminals breached the systems of nearly one in three Australian companies, at a direct cost of more than $1 billion. The number of attacks is likely to be an underestimate, since many go undetected or unreported. However, Australian businesses are fighting back by ensuring that their organisations not only understand the growing cyber risks, but act to protect against them. In most cases, this means improving overall preparedness by dismantling the most obvious vulnerabilities, deploying sophisticated tools and giving experts the financial and institutional support they need to refine security systems, protocols and strategies.
But what happens when preventive measures fail? Can businesses mitigate the long-term effects of security breaches? Can they learn from past attacks to prevent future threats?