We sit down with Con Bakas from Cylo, to discuss the critical issues surrounding cyber security and cyber insurance. Con provides valuable insights into the evolving landscape of cyber threats, the importance of robust cyber insurance solutions, and how Cylo can help to support brokers and SMEs in navigating these challenges.Guest IntroductionCon Bakas is the Chief Underwriting Officer at Cylo, a new agency established in early 2023, backed by CGU. Cylo focuses on providing tailored cyber insurance solutions to brokers, addressing the growing risks associated with cyber threats.Key Topics DiscussedOverview of Cylo’s mission to provide specialised cyber insurance solutions for brokers and businesses.Discussion on how cyber threats have shifted from targeting large corporations to increasingly affecting mid-market and SMEs.Con addresses the misplaced belief that antivirus software alone is sufficient for protection, emphasising the role of insurance in recovery after a cyber incident.Exploration of how hackers are leveraging AI to enhance their attacks, including faster password cracking and sophisticated social engineering techniques.Con highlights the necessity of having a comprehensive incident response plan in place to manage cyber threats effectively.Many SMEs are unprepared for cyber-attacks, often lacking adequate cyber insurance coverage.Discussion on Cylo’s proactive approach to risk management using tools like UpGuard to assess and monitor clients’ cyber hygiene continuously.Cylo’s unique proposition to help customers Resist, Respond, and Recover.Con emphasises the importance of educating SMEs about cyber risksSpeculation on how emerging technologies like the metaverse may introduce new cyber risks and the potential for opportunistic attacks.ResourcesRead the CGU STRIVE Report 3.0Learn more about Cylo for Cyber insuranceThis is general advice only and does not take into account your individual objectives, financial situation or needs (“your personal circumstances”). Before using this advice to decide whether to purchase a product, you should consider your personal circumstances and the relevant Policy Wording. This insurance product is distributed by Cylo Australia Pty Limited ABN 29 666 378 909 Authorised Rep No. 001303389 (Cylo), an authorised representative of IAG Agencies Pty Limited, ABN 11 147 749 139 AFSL 471282. Cylo acts as agent of the issuer Insurance Australia Limited trading as CGU Insurance ABN 11 000 016 722 AFSL 227681, pursuant to a binder agreement.About CGUFor over 160 years, CGU has partnered with ambitious brokers to deliver exceptional insurance products and help bring peace of mind to their customers.CGU offers our broker partners national reach, outstanding service and the financial strength that comes from being part of Australia’s largest insurance parent, Insurance Australia Group (IAG). Our value lies in its commitment to be the insurer who supports ambition of our broker partners and the customers we serve.Visit the CGU website www.cgu.com.auCGU recommends customers visit the National Insurance Brokers’ Association (NIBA) Need a Broker website to locate a trusted local insurance advisor.

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