Firms must be vigilant while purchasing cyber insurance: Official

Leon Fouche, an official at advisory firm BDO, has warned New Zealand-based firms against jumping straight into buying cyber insurance as cybercrime incidences rise, Stuff.co.nz reports.

Cyber liability insurance policies are becoming more popular in New Zealand.

Mr. Leon said insurers are limited in their ability to develop robust risk modelling for the costs of cyber attacks due to lack of reliable data, resulting in restrictive terms and exclusions in policies.

Mr. Leon has asked firms to do a comprehensive risk assessment before buying such a policy.

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