In Australia, the culmination of 2023 witnessed an examination of the cyber insurance landscape by Insurance Business, shedding light on the 5-Star Cyber winners – the greatest cyber insurance providers in the country.
The meticulous process of identifying the top cyber insurers for the year involved collaborative efforts with leading industry experts.
Over a span of 15 weeks, the Insurance Business Australia research team engaged in one-on-one interviews with specialised brokers and conducted extensive surveys within the IB network. This comprehensive approach aimed to discern the perspectives of insurance professionals regarding the current market offerings.
Brokers were initially asked about the features they deemed most crucial in a cyber insurance policy. Subsequently, they were tasked with assessing how the insurers they interacted with performed in relation to these attributes.
The evaluation criteria for insurers encompassed crucial aspects such as coverage, flexibility, claims handling proficiency, pricing, and, notably, the robustness of their individual product offerings.
As a part of the editorial process, IB's researchers sought insights from Meena Wahi, director at Cyber Data-Risk Managers.
In an interview with IB, Wahi underscored the sector's significance, emphasising its vital role in light of the fragmented nature of IT supply chains.
“Let's say businesses are not implementing proper security controls and they have an incident,” she said. “If the cyber insurance industry can get a better view on what cyber security your business is implementing, there would be more confidence around claims and there would be more guarantee that the claims would be paid.”
See the full list of the best cyber insurance providers in Australia for 2023 by reading the IB 5-Star Cyber 2023 special report.
