This article was produced in partnership with QBE.
As cyber attacks increase in frequency and complexity, QBE is drawing on deep global expertise to help Australian brokers and customers strengthen their cyber resilience.
“Our globally aligned approach to cyber enables us to deliver greater consistency, responsiveness and expertise across every part of the customer journey — from risk assessment and pricing, through to claims,” said Ben Richardson (main picture), cyber product lead for QBE Australia.
The latest report from the Office of the Australian Information Commissioner (OAIC) shows that 2024 was the worst year yet for reported cyber security incidents. Attacks went up by about 15%. Another report said 47 million personal accounts in Australia were breached last year, or one every second.
The OAIC said there was a significant increase in data breaches caused by social engineering and impersonation.
“Cyber threats are continuing to evolve, not only in frequency, but in sophistication,” said Richardson. “While ransomware and business email compromise remain key concerns, we’re also seeing the rise of newer tactics like AI-driven phishing, deepfakes and social engineering.”
Richardson said these attacks are becoming harder to detect and can bypass even well-established controls.
“With so much data now stored and shared on connected network environments and cloud servers, keeping it secure is an ongoing concern, as a single breach can have significant financial, legal and reputational consequences,” said the cyber expert.
Just about every Australian business is online and digitally connected – this makes any firm vulnerable to an attack.
“Digital supply chains are a key challenge,” said Richardson. “Businesses today rely on a network of interconnected vendors and systems, which can introduce vulnerabilities that are difficult to detect or control.”
Recent figures quoted in a QBE blog show that 85% of Australian businesses use information and communication technologies (ICTs), 63% use cyber security software and 59% use cloud technology. The data underlines the number of businesses with a substantial digital supply chain footprint and potential vulnerabilities through third parties.
The insurer’s response to these challenges is built on global insight and delivered with local expertise — a combination that helps brokers stay ahead of threats while tailoring support to the Australian market.
“By sharing insights and expertise across our global network, we’re able to spot emerging threats sooner, adapt faster, and bring the best of our international experience to support local brokers and businesses,” said Richardson.
For QBE’s brokers and customers in Australia that means access to leading cyber risk capabilities, backed by local underwriting and claims teams who understand the market.
“In Australia, our cyber offering is tailored to a broad range of clients—from medium-sized businesses to large corporates—and can flex to suit different operating models, from fully outsourced IT environments to complex in-house networks,” he said.
“Regulatory pressure is also increasing,” said Richardson. “With privacy laws in Australia undergoing change, there’s an increasing expectation that businesses demonstrate not just strong prevention protocols, but also the ability to recover and respond from cyber attacks effectively.”
He said the days when cyber security was a “set and forget investment” are over.
“Operating in the current risk environment calls for a coordinated, business-wide approach that goes well beyond the IT team,” said Richardson.
Meanwhile, the cyber insurance market itself is currently a competitive space which is good news for businesses looking for covers.
“This is largely due to new entrants and expanded offerings from both local and global insurers, which have broadened options for brokers and their customers,” said Richardson.
However, with dynamic, evolving cyber threats on one side and regulatory pressures on the other, it’s now more important than ever for businesses of all kinds to manage their exposures.
“In this environment, it’s important to have coverage that keeps pace,” said Richardson. “Our role at QBE is to help brokers and their customers navigate that complexity, by offering well-considered, responsive policies backed by our global risk insights and expertise.”
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