From www.pkf.com.au: Cyber insurance offers vital financial support and access to professional services needed to respond to cyber incidents, yet misconceptions about its cost and effectiveness persist.

Despite increasing concerns over cyber threats, less than 20% of Australian businesses invest in cyber insurance, often relying on traditional insurance brokers who may lack the specialized knowledge in this area.

The lack of coverage can leave businesses vulnerable, as the financial repercussions of cyber incidents can range from thousands to millions of dollars.