By: Katherine Hayes and Greg Stirling
Cyber liability insurance is attracting a lot of buzz in the Australian marketplace, but this heightened interest is not yet reflected in the number of purchases of cyber policies. While high profile multi-nationals are more likely to have already obtained cyber cover, small and medium enterprises (SMEs) do not seem to be purchasing cover despite facing increasing vulnerability to cyber-risks. With mandatory reporting of privacy breaches looking more likely, SMEs are facing an increased risk of a costly cyber incident, yet aren’t buying insurance protection for this risk.
At Carter Newell Lawyers we see this disconnect demonstrated where there are claims made under existing policies which are not covered, but perhaps could have been covered under a cyber-policy. We have outlined below, a few examples of such claims.
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