Insurance Business Australia (IB) has released its list of winners for the 5-Star Cyber 2024 awards, spotlighting insurance providers that have excelled in delivering cyber insurance solutions.
The recognition comes at a time when large-scale cyber breaches have reportedly impacted around 45% of the Australian population over the past two years.
Recent data from cybersecurity firm Surfshark indicates that 1.8 million user accounts were compromised during the first quarter of 2024, marking a 388% increase from the previous quarter.
Australia is now ranked 15th globally in terms of cyber breaches, with approximately 140 million accounts breached since 2004. The 2024 Phishing Report by cloud security company Zscaler also identifies Australia as one of the top 10 sources of phishing attacks worldwide.
To determine the top cyber insurers for 2024, IB engaged in a detailed 15-week evaluation.
The process involved interviews with industry specialists and surveys distributed across IB’s network of brokers to gather insights on the performance of cyber insurance providers.
Brokers provided feedback on the most important aspects of a cyber insurance policy and rated the insurers they had partnered with based on those criteria. The assessment covered various factors, including the comprehensiveness of coverage, flexibility, claims handling efficiency, pricing, and the overall quality of the products offered by insurers.
Among the recognised companies is Emergence Insurance, an underwriting agency that specialises in cyber risk.
The company offers protection against financial, commercial, and reputational risks stemming from cyber threats. It is focused on delivering customised cyber insurance solutions tailored to the needs of businesses and families.
Learn more about Emergence Insurance and see the rest of the list of this year’s winners by reading the IB 5-Star Cyber 2024 special report.
