“It’s gone from brokers sometimes struggling to understand and talk about it, to now being understood as a major area of risk management for businesses,” he added.
This transition has only accelerated during the COVID-19 pandemic, which has highlighted the reliance that businesses have on technology these days, Filipcevic said.
“If you’re running an SME with 10 employees and you were all coming in to one office, that’s one centralised location that needs to be considered in terms of cyber coverage,” he explained. “When everyone’s working from home, this effectively creates 10 separate offices and multiplies the risk greatly, particularly since human error plays a massive role in cyberattacks.”
As Australia’s only dedicated cyber insurance underwriter, Emergence is committed to staying on top of trends in this “constantly evolving industry”, according to Filipcevic. One recent example of this is the company’s creation of an in-house incident response and cyber claims team to manage and settle cyber-related claims.
Read more: Emergence unveils in-house cyber incident and claims team
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