State sponsored cyber-attacks are orchestrated by organisations funded by Governments or regimes often in order to disrupt corporate advantage, gain a competitive edge and/or impact the global economic environment and the Australian Federal Government is a prime potential target.
The Federal Government holds precious population and business data - from email addresses, to tax returns and health records to key industry statistics and crucial federal budget details - it's beyond an attractive steal for state-sponsored cyber attackers.
Nation-state actors seek to:
A growing cyber insurance market should be positive for buyers. As the market increases in scale, insurers should see more claims data. And coupled with developments in modelling, insurers will get better at understanding and pricing cyber risk.
State sponsored cyber attackers are targeting governments now more than ever before as data becomes increasingly valuable. Is the Government cyber prepared?
STATE SPONSORED CYBER ATTACKS - TOP 3 CONCERNS FOR GOVERNMENT
As the cyber insurance market grows, buyers should, however, take steps to ensure they get the best possible deal from their insurers. This is particularly true in today’s competitive insurance market, which is seeing wide-spread interest in its product, and one that is experiencing growing demand in Europe from the GDPR.
CYBER SOLUTIONS TAILORED TO GOVERNMENT
JLT offers customised cyber insurance solutions to protect the public sector from many of the first and third party costs and expenses that may result from a cyber-attack such as a breach in network security or a cyber incident affecting a service provider.
We are currently the insurance brokers for over 500 local councils Australia-wide, bringing a depth of buying power, unparalleled experience and a real understanding of the public sector landscape.
PROTECTION SOLUTIONS BEYOND INSURANCE: HOW WE APPROACH PUBLIC SECTOR CYBER RISK?
Our team of global cyber specialists can help your organisation understand the likelihood and potential severity of the risks you face, the options available to mitigate these risks and the investment associated with this.
ARE YOU CYBER PREPARED?
Talk to us now. We’re ready to help you.
Samuel Rogers - JLT Insurance | T: +61 (02) 9290 8036 | E: Samuel.Rogers@jlta.com.au
Paul Johnson - JLT Consulting | T: +61 (02) 9290 8020 | E: Paul.Johnson@jlta.com.au
CASE STUDY: ALLEGED CHINA HACK OF US GOVERNMENT’S OFFICE OF PERSONNEL MANAGEMENT
- Koerner, Brendan 2017, Inside the cyberattack that shocked the US Government, Wired, accessed 8 September 2017, [http://bit.ly/2eIojiP].
- Nakashima, Elle 2015, Hacks of OPM databases compromised 22.1 million people, federal authorities say, Washington Post, accessed 8 September 2017, [http://wapo.st/2xpqfZN].
- Symantic 2017, OPM breach costs could exceed $1 Billion, Symantic, accessed 8 September 2017, [http://symc.ly/2jhDy8i].