In this week's Financial Services Online's Insurance News Wrap with Paige Estritori, critical topics, such as growing cyber threats making cyber insurance essential for businesses, are covered. An increase in digital risks amid remote work setups, necessitated by Melbourne lockdowns, is highlighted, emphasizing the need for robust internal controls, consistent employee training, and regular policy reviews. The podcast discusses rising global risks driving premiums higher and the resultant need for efficient pricing and risk management strategies. It also informs about the Insurance Council of Australia's efforts in aiding flood victims by expediting claim settlements. Lastly, a noteworthy Australian Financial Complaints Authority decision stressed the importance of balancing fraud vigilance with protection of policyholders' rights. Stay tuned to Financial Services Online for more on personal and business insurance.

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