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The Gallagher Cyber Market Update 2024 presents valuable insights into current trends to assist businesses with developing security strategies from a global and local Australian perspective.

The cyber threat landscape is constantly changing, necessitating businesses' approach to risk management and insurance to be adaptable.

Insurance companies play a crucial role in understanding and mitigating the latest cyber threats, having privileged access to information about cyber-related claims and the impact of various threats.

Key takeaways

Businesses should expect insurers to adjust underwriting practices and policy terms to address evolving cyber threats.

Sustainable coverage and robust risk management practices should remain paramount while navigating a complex and evolving insurance landscape.

What's in the report

  • types of threat scenarios: ransomware, supply chain vulnerabilities and AI influence
  • the heightened regulatory environment
  • implications and considerations for businesses including:
    • the competitive insurance landscape
    • pricing inconsistencies
    • emerging market trends
    • sustainability concerns
    • coverage dynamics.

VIEW REPORT

The role of cyber insurance in supporting cyber threat readiness

In the event of a cyber attack, a robust cyber insurance policy provides access to experts not only in negotiation but also forensic investigation, remediation measures, as well as cover for the legal and reputational costs involved.

How Gallagher can help

In addition to cyber insurance protection Gallagher offers expertise, advice and resources for building business resilience to withstand cyber security incidents.

Last updated 27 November 2024

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Disclaimer

Gallagher provides insurance, risk management and benefits consulting services for clients in response to both known and unknown risk exposures. When providing analysis and recommendations regarding potential insurance coverage, potential claims and/or operational strategy in response to national emergencies (including health crises), we do so from an insurance and/or risk management perspective, and offer broad information about risk mitigation, loss control strategy and potential claim exposures. We have prepared this commentary and other news alerts for general information purposes only and the material is not intended to be, nor should it be interpreted as, legal or client-specific risk management advice. General insurance descriptions contained herein do not include complete insurance policy definitions, terms and/or conditions, and should not be relied on for coverage interpretation. The information may not include current governmental or insurance developments, is provided without knowledge of the individual recipient's industry or specific business or coverage circumstances, and in no way reflects or promises to provide insurance coverage outcomes that only insurance carriers' control.

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