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ANZ Firms Increase Cybersecurity Budgets, Embrace Insurance

by Celia

As businesses in the Australia-New Zealand (ANZ) region face mounting cost pressures, many are increasingly relying on cyber insurance to strengthen their cybersecurity strategies. According to recent reports, 64% of executive leaders across the region have already secured cyber insurance as a key component of their risk management efforts.

However, the rising economic pressures have prompted some difficult decisions within organizations. A quarter of businesses have reduced their IT and security workforces over the past year, with 15% expecting additional layoffs in 2024. These staffing cuts are seen as a response to cost constraints, but they have also underscored the need for effective cyber insurance to fill the gaps left by smaller teams and to maintain proactive security measures.

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Despite these reductions, 62% of companies plan to increase their cybersecurity budgets in the coming year. The shift in funding priorities, however, indicates that businesses are focusing more on risk management tools like cyber insurance, rather than expanding their internal security teams.

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While the role of cyber insurance continues to grow in importance, organizations still face significant barriers, including high costs and limited availability of comprehensive coverage. These challenges make it difficult for some firms to secure the full protection they require.

In the face of ongoing economic uncertainty and evolving cyber threats, experts predict that the role of cyber insurance will continue to expand, offering a vital layer of protection for businesses striving to maintain resilience in a digital-first world.

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