The role of the regulator in the cyber insurance market
A speech by John Price, Commissioner,
Australian Securities and Investments Commission, Cyber Insurance Forum (Sydney, Australia), 21 September 2017
Thank you for inviting me to speak today.
Forums such as this one play a critical role in promoting discussions about building a more secure and resilient digital economy for Australia.
We have heard this morning how the cyber insurance market is evolving rapidly around the world. While it is still in its infancy in Australia, it is easy to see its potential as an incentive for businesses to better deal with cyber risks. Just as the process of obtaining home insurance can incentivise home owners to invest in alarm systems, smoke detectors, and better locks, the same could be true for companies seeking to obtain cyber insurance. Cyber insurance providers can potentially contribute to the management of cyber risk by promoting awareness, encouraging measurement and by providing incentives for risk reduction.