2026-10-26 · Source: Insurance News Australia
Summary in 3 Points • CFC reports nearly half of 500 Australian SMEs see cyber as their biggest risk, with 70% experiencing a cyber event recently. • Only 30% of SME leaders recognise ransomware and phishing as major threats, despite CFC data showing ransomware accounts for 64% of claims costs. • CFC highlights a significant opportunity for brokers to guide SMEs in understanding cyber insurance and its proactive support services. --- CFC's survey reveals that nearly half of 500 Australian SMEs consider cyber risk their biggest concern, with 70% having faced a cyber incident in the past three years. Despite this awareness, many SMEs underestimate specific threats like ransomware and human error, which significantly contribute to cyber claims costs. Only 30% of SME leaders identify these risks, indicating a gap in understanding the importance of cyber insurance. CFC's global cyber development head, Lindsey Maher, emphasises the opportunity for brokers to bridge the gap between awareness and action. With over two-thirds of SMEs unaware that cyber insurance includes proactive support, brokers can play a crucial role in educating clients about the services available. By simplifying conversations around cyber insurance and focusing on outcomes, brokers can help SMEs better understand their exposures and the necessary steps for resilience and recovery. Brokers can enhance SME understanding of cyber insurance, aligning offerings with perceived risks, which is crucial for the evolving cyber market.
Brokers can enhance SME understanding of cyber insurance, aligning offerings with perceived risks, which is crucial for the evolving cyber market.