2026-10-13 · Source: Insurance Business New Zealand
Summary in 3 Points • Ransomware activity in Australasia has surged over 600%, with organised crime responsible for 52% of incidents. • New Zealand's cyber insurance market remains soft, with Aon reporting abundant capacity and wider coverage available. • Ransomware claims in New Zealand have decreased in frequency but increased in severity and cost, driven by business interruption. --- Ransomware incidents across Australasia have skyrocketed by over 600%, with organised crime accounting for 52% of these attacks. Despite this alarming rise, New Zealand's cyber insurance market remains soft, as Aon reports ample capacity and broader coverage options available for businesses. The frequency of ransomware claims has dipped slightly, but the severity and associated costs have risen, primarily due to business interruption claims. The National Cyber Security Centre (NCSC) reported a significant increase in incidents of potential national significance, with 162 linked to financially motivated actors, marking an 18% rise. As attackers increasingly exploit indirect routes to breach well-defended organisations, the need for robust cyber insurance solutions becomes critical. Insurers may need to adapt policy language to address emerging threats, particularly as AI technology evolves and potentially lowers the barriers to cybercrime. The rise in ransomware incidents and the softening of New Zealand's cyber insurance market could impact the approach to delegated authority and binder business in the region.
The rise in ransomware incidents and the softening of New Zealand's cyber insurance market could impact the approach to delegated authority and binder business in the region.