The recent Qantas data breach has brought renewed attention to the changing nature of cyber threats, with implications for the insurance industry and its clients.
According to Vidit Sehgal, CEO of V4 IT Services, cybercriminals are increasingly using artificial intelligence (AI) to bypass identity verification processes.
This shift allows attackers to impersonate individuals using AI-generated voice technology, enabling them to access personal accounts and redirect funds without the victim’s knowledge.
Sehgal noted that the information accessed in the Qantas incident could be used to construct detailed profiles of affected individuals.
“Hackers can now call your bank, sound like you, quote your stolen personal information, and request to update your account details. They can reroute your wages, divert refunds, or redirect invoice payments, all while you have no idea it’s happening,” he said.
This trend marks a move away from traditional hacking methods toward more advanced social engineering strategies that exploit trust in established processes.
The use of AI in cybercrime is enabling attackers to simulate phone calls and clone voices, making it easier to manipulate customer service systems and financial institutions.
Sehgal advised Australians, especially those impacted by recent breaches, to regularly monitor their financial and personal accounts.
Recommended actions include:
“Hackers lie in wait and strike when you’re distracted. You must build the habit of checking your accounts, because once money is sent to a fake account, it’s usually unrecoverable,” Sehgal said.
Sehgal pointed out that many individuals may not recognise the signs of a compromised system until significant harm has occurred. Indicators include:
He highlighted that home networks, often less secure than business environments, are increasingly targeted due to weaker defences.
Data stolen in breaches may be stored and sold for future exploitation, sometimes months or years after the initial incident.
Sehgal emphasised that while passwords can be changed, other personal data such as names, dates of birth, and voice samples are more difficult to secure once compromised.
To reduce exposure, Sehgal recommended several steps:
He also suggested only answering calls from known contacts to limit exposure to voice-based scams.
Beazley’s 2025 Risk & Resilience report found that nearly one-third of executives now rank cyber risk as their primary concern, an increase from the previous year.
Aon’s 2025 Cyber Risk Report examined the financial impact of cyber incidents that result in reputational damage. It showed that companies experiencing such events saw an average 27% drop in shareholder value, with malware and ransomware attacks most likely to lead to these outcomes.
