Parrant cited Australia as an example of escalating post-incident consequences, pointing to increased regulatory scrutiny, greater class action exposure, and costs associated with remediation, customer notification, and business disruption. “As the threat landscape continues to intensify, the impact is being felt not only in the frequency, severity, and velocity of cyber events, but also in the expanding blast radius and persistence of attacks. In response, organisations are increasingly adopting cyber risk quantification to support both control investment and insurance purchasing decisions, ensuring that programs are calibrated not only to expected losses, but to increasingly volatile and interconnected tail-risk scenarios,” Parrant said.
Willis finds cyber coverage adequate for most breach and first-party losses
