The OAIC also reported an increase in breaches linked to human error, which made up 37% of all notifications (193 incidents), up from 29% in the previous reporting period. The regulator concluded that “the human factor continues to pose a notable threat to the strength of an organisation’s personal information security, regardless of how secure its systems are.” IBM’s 2024 benchmarking, cited in the commentary, placed the average cost of a data breach to a business at US$4.26 million. In this context, cyber insurance is presented as one element of a broader risk approach that includes detection capabilities, incident response planning, staff training, and alignment of coverage terms with evolving Australian privacy and cyber regulation.
