Why renewals have become harder
Insurers have tightened underwriting as claims have grown. According to the Australian Signals Directorate’s Annual Cyber Threat Report 2024–25, the ACSC received over 84,700 cybercrime reports in the year, about one every 6 minutes. The average self-reported cost per report was $56,600 for small businesses (up 14%) and $97,200 for medium businesses (up 55%). Many insurers now ask for evidence of specific controls rather than a simple yes or no.
1. Multi-factor authentication
MFA on all email accounts, remote access (VPN and remote desktop), cloud apps and every admin account. Be ready to show a report of MFA coverage.
2. Endpoint detection and response (EDR)
Modern EDR on every laptop, desktop and server, ideally monitored 24/7 by a security operations centre.
3. Backups
Regular backups with at least one offsite, immutable or offline copy, plus records of recent test restores.
4. Patching
A documented patch schedule for operating systems and applications, and a plan to replace unsupported software.
5. Email security
Filtering for phishing and malware, plus DMARC, DKIM and SPF to stop spoofing of your domain.
6. Privileged access
Separate admin accounts, limited to those who need them, with regular reviews.
7. Staff awareness training
Ongoing training and simulated phishing, with completion records.
8. Incident response plan
A written plan covering who to call, how to contain an incident, and how to notify the insurer, clients and, where required, the OAIC under the Notifiable Data Breaches scheme.
9. Payment verification
A process to verify bank detail changes by phone using a known number, to stop business email compromise fraud.
How Xen IT helps
We implement these controls, monitor them and produce the reports insurers ask for, so renewal becomes a document pack rather than a scramble.
Sources
Australian Signals Directorate, Annual Cyber Threat Report 2024–25 (cyber.gov.au). Figures are self-reported averages per cybercrime report.
Free IT assessment
Ready to stop fighting your IT?
Book a free, no-obligation IT assessment. We'll identify your biggest vulnerabilities and opportunities, and give you a clear roadmap, whether you engage us or not.
Prefer to talk? Call us directly
(07) 5619 6555
Suite 8 (West Wing), 2 Fortune Street, Coomera QLD 4209