While Australia’s cyber insurance market is still quite immature, the government needs to set the agenda and determine the priority areas for attention, according to Pip Wyrdeman, Senior Adviser Cyber Policy for the Office of the Cyber Security Special Adviser at the Department of the Prime Minister and Cabinet (PM&C). Speaking at the InnovationAus Cyber Insurance 2017 conference in Sydney on Thursday, Wyrdeman said government cannot do it alone, and in addition to partnering, it will require individuals and businesses to understand what is at the heart of their business — in particular where data lives and who has access to it, and how the business would survive should a cyber-related incident occur.Wyrdeman said her department has had many discussions with those providing and seeking cyber insurance and the fundamental that always comes up is what can actually be insured in the cybersecurity space.”There are many impacts from a cyber incident; some can be insured against and some can’t,” she explained.She said it’s easy to see how the loss of one’s computer systems due to malware destruction could be insured against, as could loss of income; however she said it starts to get “murky” when it comes to customer data…. Read full this story
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