In an age of rapid technological evolution, Australian businesses are on high alert as experts warn of an impending surge in cyber threats.
During a recent webinar, cyber experts Robyn Adcock (national placement manager for cyber and technology risks at Gallagher) and Michael Bruemmer (head of global data breach resolution at Experian) shed light on emerging risks that could reshape the corporate landscape.
The cyber experts delved into Experian's 2024 Data Breach Industry Forecast, which identified key concerns for Australian and global businesses:
Hackers are increasingly infiltrating systems and lurking within to identify opportunities for manipulation, affecting data integrity across financial and navigational systems. Therefore, policyholders may need to provide forensic evidence of data manipulation to claim losses.
Australia's pivotal role as a supplier of rare earth minerals, crucial for modern technologies, has come under threat from cyberattacks aimed at disrupting supply chains.
This underscores the importance of robust vendor management programs. As a result, enhanced focus on third-party security compliance and collaborative cyber incident responses is becoming essential.
The collaboration of cyber criminal groups on the dark web signals a shift towards more organised and sophisticated attacks, prompting businesses to stay informed through industry and government resources.
Effective cyber defence hinges on thorough incident response planning, which can significantly reduce breach-related costs.
Cyber criminals are increasingly exploiting legal and regulatory frameworks surrounding cybersecurity breach reporting, targeting businesses during critical periods such as sales, acquisitions, or financial reporting.
Therefore, businesses are advised to anticipate heightened scrutiny from regulators and insurers, with a focus on data loss prevention and strong access controls.
Last month, Gallagher outlined the main challenges facing Australian insurers in 2024.
