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Member, Beacon International Group, Ltd.
Australian firms are increasingly taking cyber insurance as a result of rising cyber threats, reported Treasury Insider citing The Australian Financial Review.
Australian Cyber Security Centre coordinator Stephen Day has said that data, consumer confidence and profit could be hit if firms were exposed to serious incidents such as targeted spear phishing and denial-of-service attacks.
An official warned firms that cyber insurance can be costly.
The official added that "insurers are keen to get into this new space" and will negotiate.