Cyber claims likely to rise following announcement of digital regulatory reform and Australia’s first privacy class action decision
On 11 December, the Australian Government announced its reform package in response to the ACCC’s digital platforms inquiry, which includes a series of initiatives designed to address the market power, transparency and fair competition associated with tech giants.
For insurers, the proposed strengthening of regulations – combined with news of the NSW Ambulance workers’ settlement in Australia’s first privacy class action – is likely to lead to an increase in cyber claims.
In this article, Kieran Doyle and Jessica Chapman explain the issues for insurers.
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