As of Friday, 15 April 2022, any Cyber Liability & Privacy Protection quotes issued by DUAL Australia will need to satisfy underwriting criteria for both Multi Factor Authentication (MFA) and Email Filtering processes to obtain policy coverage for Ransomware.
This decision is a result of the dramatic increase of Ransomware claims currently being experienced by Cyber Insurers. The following are current statistics which demonstrate the need for DUAL to ensure Insureds have appropriate MFA and Email Filtering procedures in place:
Also effective Friday, 15 April 2022, any Cyber Liability & Privacy Protection quotes issued by DUAL Australia will have updated conditions regarding War and Terrorism applied via endorsement. These conditions are to clarify that cyber operations carried out in the course of war are excluded under the Policy.
The Policy will continue to provide a write-back for cyber terrorism where the actions are carried out by an individual or group of individuals that are not acting on behalf of the state. This clarification is necessary to distinguish cyber terrorism from cyber operations which are conducted on behalf of a state.
1. Panda Security, Ransomware Statistics Vital for Security in 2022, available here.