CFC introduces cyber education guide for brokers

CFC introduces cyber education guide for brokers

23 March 2023

Cyber-specialist CFC has launched a new guide for Australian brokers to help improve industry understanding of ongoing risks and protections against digital threats.

It says the guide will help brokers take their understanding of cyber risks “to the next level,” by educating them on cyber product functionality, key coverages for business, and how to hold informed discussions with their clients.

CFC Cyber Development Leader Lindsey Nelson says by improving broker education, the insurer aims to address a need for more cyber protection in the country.

“Compared to some other countries, fewer businesses in Australia have cyber coverage against mounting numbers of attacks,” Ms Nelson said.

The insurer estimates that less than 5% of Australian businesses hold a dedicated cyber insurance policy.

“This is an alarmingly low figure given that cyber is their largest exposure and while cyberattacks across the world have generally been going down in recent years, even taking into account the war in Ukraine, Australia is bucking the trend,” Ms Nelson said.

She says the guide will address the changing landscape of cyber risks as smaller businesses increasingly face the threat of digital attacks.

“Gone are the days where cyber exposure was understood to be a ‘big company’ issue and cybercriminals have shifted from small scale scams to large scale extortion,” Ms Nelson said.

“Businesses are being targeted because they’re vulnerable rather than valuable. Cyber insurance has never been more relevant for small businesses in Australia.”

Click here to sign up for the guide.