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Cyber Insurance Market Faces Coverage Squeeze Amid Rising OT Cyber Losses

Cyber Insurance Market Faces Coverage Squeeze Amid Rising OT Cyber Losses

First seen 13 Oct 2026, 16:34 UTC • •
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ThreatCluster AI
ThreatCluster •October 13, 2026 at 17:33 UTC
  • •Average OT cyber losses in ANZ are $2.04 million, nearly double the global average.
  • •80% of organizations in ANZ experienced a cyberattack in the last year.
  • •Insurers are tightening coverage due to rising risks from third-party technology dependencies.

Recent research by Claroty reveals that Australian and New Zealand firms face average operational technology (OT) cyber losses of $2.04 million per incident, nearly double the global average. The study indicates that 80% of organizations in these regions experienced cyberattacks in the past year, with significant downtime and safety incidents reported. Despite falling cyber insurance premiums, concerns over third-party technology dependencies are prompting insurers to tighten coverage. The reliance on major cloud and SaaS providers has raised aggregation risk, complicating insurers' ability to manage exposure. As a result, some insurers are introducing exclusions and restricting dependent business interruption coverage. The Australian Prudential Regulation Authority reports that cyber insurance premiums remain low, accounting for less than 0.2% of total industry premiums, despite rising cybercrime costs.

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Timeline

2026-10-09
Claroty report on OT cyber losses published
Claroty's research reveals average OT cyber losses of $2.04 million per incident for ANZ firms.
Insurancebusinessmag
2026-10-13
Cyber insurance market report released
Insurance Business reports on declining premiums but tightening coverage due to third-party risks.
Insurancebusinessmag

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Common questions

What are the average losses from OT cyber incidents?
The average losses from OT cyber incidents in Australia and New Zealand are $2.04 million per incident.
How many organizations experienced cyberattacks?
80% of organizations in Australia and New Zealand reported experiencing a cyberattack in the past year.
What are insurers doing in response to rising risks?
Insurers are tightening coverage and introducing exclusions due to concerns over third-party technology dependencies.