Cyber insurance market to double in Australia by year-end: Aon

Aon P.L.C. said in a recent study that the cyber risk insurance market in Australia is growing and the cyber insurance business is expected to double by the end of 2015, reported Asia Insurance Review.

There have been significant changes in limits in the country's cyber risk insurance market as well, the study said.

The Australian market was worth $8 million Australian ($5.6 million) to $10 million Australian ($7 million) at the end of the third quarter of 2014.

Studies across 11 different industry sectors in Australia have shown that the cost of data breach is continuing to increase.

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