Australian Insurers Urged to Strengthen Cyber Risk Defenses
Australian Insurers Urged to Strengthen Cyber Risk Defenses
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Recent findings from the PwC Insurance Banana Skins Survey indicate that Australian insurers are trailing behind their global counterparts in preparedness for cyber threats.
The survey, which gathered insights from 698 insurance executives across 42 territories, revealed that Australian insurers scored 6.6% lower on the Preparedness Index compared to the global average.
Cybersecurity remains the top risk identified by Australian insurers, with technology concerns, particularly artificial intelligence (AI), climbing to the third position from eleventh in just two years. Antonie Jagga, leader of PwC’s insurance operations in Australia, emphasized the rapid acceleration of these risks, noting that the sector's preparedness is declining while global peers have improved.
For tradespeople, this underscores the importance of ensuring their insurance providers are equipped to handle emerging digital threats. As cyber risks evolve, tradies should engage with insurers that demonstrate robust cybersecurity measures and proactive risk management strategies.
To mitigate potential vulnerabilities, tradespeople are advised to:
Regularly review their insurance policies to ensure coverage includes cyber incidents.
Implement strong cybersecurity practices within their own businesses, such as using secure payment systems and safeguarding customer data.
Stay informed about the latest cyber threats and seek guidance from insurers on best practices for digital security.
By taking these steps, tradies can better protect their businesses from the financial and reputational damages associated with cyber incidents.
Published:Tuesday, 23rd Dec 2025 Source: Paige Estritori
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Umbrella Policy: An additional insurance policy that provides extra liability coverage beyond the limits of the insured's primary policies.
