Home » Data breach laws lift cyber insurance take-up

Data breach laws lift cyber insurance take-up

13 August 2018

A specialty Lloyds insurer, CFC, says data breach notification rules have driven a 107% jump in new Australian cyber business this year.

Much of this growth is attributed to awareness of the… legislation surrounding notification, along with greater understanding of how policies respond in providing costs to manage such incidents according to CFC.

The notifiable data breach laws, which took effect on February 22, require organizations to inform affected individuals if a breach is likely to result in serious harm.

They must also alert the Office of the Australian Information Commissioner, which says 242 breaches were reported in the three months to June after only 63 in the partial first quarter.

CFC says businesses are recognizing that cyber policies provide post-remediation services and training tools to prevent problems caused by human error.

2018-08-14T00:31:02+00:0014 Aug, 2018|Categories: News|