Cyber

Introduction: The New Face of Cybercrime Fraud has always been a challenge in Australia, but a new threat is emerging—deepfakes. Driven by artificial intelligence, deepfakes produce hyper-realistic video and audio forgeries that can convincingly mimic real people. For Australians, this represents a new frontier in cybercrime that could impact both businesses and individuals, changing the way scams are carried out and detected. Before diving further into this blog, if you haven’t arranged cyber risk insurance, now’s the time. Explore comprehensive cyber risk insurance cover today. From Photoshop to Deepfakes: How Digital Deception Evolved Fraud isn’t new; scammers have long relied on forged paperwork, staged accidents, or doctored images. But deepfake technology has raised the stakes. With AI, criminals can fabricate accident “evidence”, imitate your identity, or even generate fake audio that sounds like you approving a transaction. These scams are far more convincing, harder to detect, and can threaten both your insurance claims and personal data security. What Makes Deepfakes So Convincing? Deepfakes look and sound alarmingly real. With AI, fraudsters can replicate voices, facial expressions, and subtle behaviours. For you, that means scammers only need some stolen personal information and basic software to create a fake “you” filing claims, making calls, or even submitting video evidence. Aussie victim loses $400,000 after trusting deepfake ads A resident of Hunter Valley fell prey to a deepfake scam that featured manipulated footage of celebrities like Elon Musk and Prime Minister Anthony Albanese. The victim was lured via a realistic ad and ultimately lost $400,000 before authorities issued a public warning. Source: news.com.au Why Traditional Cybersecurity Measures Are Falling Short Most fraud detection tools were built to catch forged paperwork or mismatched data. They weren’t designed to detect manipulated voices or videos. That means when you submit claims digitally, older verification methods like video calls or voice ID can be tricked. This makes cyber insurance and strong personal security measures more important than ever. Red Flags: Spotting Deepfakes Before It’s Too Late Even though they look convincing, deepfakes often reveal small flaws. You can protect yourself by noticing: Trust your instincts—if something feels off, it probably is. The Human Factor: Psychological Manipulation in Deepfakes Deepfakes aren’t just about technology; they exploit human trust. Seeing a realistic video or hearing a distressed voice can trick you into lowering your guard. That’s why slowing down, double-checking communications, and questioning unusual requests is critical. Business Risks for Everyday Australians If you’re running a business, the risks are wide-ranging: Cyber insurance helps cover the financial and legal fallout from these risks. AI vs AI: Fighting Fire with Fire The good news? AI can also be used to detect deepfakes. Insurers are beginning to adopt systems that scan for digital manipulation in claims. As a customer, choosing an insurer with strong cyber protections and ensuring you have cyber insurance adds another layer of defence. Government and Legal Responses in Australia While Australia is strengthening cybercrime laws, deepfake-specific regulations are still catching up. Until more robust frameworks are in place, individuals and businesses need to take proactive steps, including securing cyber insurance to protect against scams and fraud. How Policyholders Can Protect Themselves You can lower your risk by: Building a Digitally Aware Mindset Technology alone isn’t enough. As a policyholder, it’s essential to build digital awareness into your habits. Training your staff (if you run a business) or simply staying informed helps you recognise and respond to threats before they escalate. The Road Ahead: Staying Ahead of the Curve Deepfake scams are just getting started. As they become more advanced, staying ahead means investing in the right protections, including cyber insurance, staff training, and digital security practices. At Global Insurance Solutions, we arrange tailored cyber risk insurance designed to protect Australian businesses against emerging threats like deepfake fraud, data breaches, and social engineering attacks. Our expertise in cyber risk management has earned us multiple industry accolades — including Top Insurance Broker 2024, Rising Star Broker 2022, and the Small Brokerage of the Year Excellence Award 2025 — recognising our commitment to delivering innovative, client-focused solutions in a rapidly evolving digital landscape. Conclusion: Staying One Step Ahead in the Age of Synthetic Media Deepfakes mark a major shift in the way fraud can impact Australians. While insurers are working on advanced detection, it’s up to you to ensure you’re protected. Cyber insurance provides a safety net against these modern risks, giving you confidence that if scams target you or your business, you won’t be left carrying the financial burden alone. We’ve also explored other cyber risks and how insurance helps safeguard your business against a wide range of digital threats. Read: Comprehensive insurance guide for tech startups | Cyber Attack Response Strategy Frequently Asked Questions What is deepfake insurance fraud, and how can insurers protect themselves? Deepfake insurance fraud occurs when scammers use AI-generated video, audio or images to fabricate evidence and submit false insurance claims. For example, a fraudster might produce a video showing a staged car accident that never happened, or imitate a policyholder’s voice to approve a false payout.To protect themselves, insurers are now adopting AI-powered detection systems that scan claims for digital manipulation, training claims teams to recognise deepfake indicators, and tightening claim verification protocols such as multi-factor authentication and in-person assessments. Are current insurance policies covering deepfake losses in Australia? Most traditional insurance policies in Australia do not specifically mention deepfake-related losses, creating a legal grey area. While some cyber insurance policies may cover losses from social engineering, phishing or impersonation, they may not explicitly include synthetic media fraud. Policyholders should review their cyber insurance wording and seek endorsements or clarifications from their broker to ensure deepfake-related scams are covered. How can deepfake technology be used to fake insurance claims? Deepfakes can be used to create convincing false evidence to support fraudulent claims, such as: Because these forgeries can appear authentic, they can slip past traditional claim checks unless advanced detection is in place. How can AI tools detect deepfakes in insurance claims?

In Australia’s fast-moving tech industry, innovation moves quickly—but so can financial and legal risk. Whether you’re building the next breakthrough app, managing client data, or developing custom software, one small error can snowball into a costly mistake. That’s why tech startups need to prioritise their risk protection strategies, especially insurance. At Global Insurance Solutions, we understand how one oversight, be it a coding bug, data breach, or project delay, can jeopardise your startup’s future. This blog explores the essential insurance coverage tech startups need to safeguard their growth. Why Insurance Is Non-Negotiable for Tech Startups Financial and Legal Risks in the Tech Space Tech businesses, particularly startups, face a unique blend of operational and legal risks: Without the right coverage, such incidents can lead to expensive claims and long-term reputational damage. Core Insurance Covers Every Tech Startup’s Needs 1. IT Liability Insurance IT liability insurance helps protect against claims stemming from negligence, coding errors, system failure, or inaccurate advice provided to clients. This cover is essential for IT consultants, software developers, and SaaS businesses. 2. Cyber Insurance Cyber threats are on the rise, and tech startups are prime targets. Cyber insurance offers protection against data breaches, ransomware attacks, and associated legal and notification costs. 3. Technology Business Insurance An umbrella cover that bundles public liability, professional indemnity, and cyber cover to provide all-around protection for IT and software businesses. 4. Small Business Insurance Even small tech startups need big protections. This policy provides comprehensive general business coverage, including fire, theft, and public liability protection. Real-World Risks: Claims Commonly Faced by Tech Startups Startups are often too lean to absorb these shocks without cover. Consequences of Not Having Insurance Legal & Financial Chaos That Follows a Single Misstep Insurance is not just a safety net—it’s a business survival tool. Risk Management Tips for Tech Entrepreneurs Investing in the right cover now can prevent massive losses later. Tailored Cover for Your Startup by Global Insurance Solutions Every startup is unique. At Global Insurance Solutions, we offer personalised insurance advice tailored to tech founders, software developers, and IT contractors. We help protect your startup with the right mix of: Explore your options for general insurance with our experienced brokers. Need Help Choosing the Right Insurance for Your Startup? Don’t leave your startup exposed. Book a free consultation with a broker at Global Insurance Solutions to understand your insurance needs and get a tailored policy quote. Also Read: How to prepare for a cyber attack FAQs for Tech Startup 1. What insurance does a tech startup need in Australia? Ans 1. Most startups need IT liability insurance, professional indemnity, cyber insurance, and general business cover, depending on their services and client risk. 2. Why is professional indemnity important for software developers? Ans 2. It protects you from claims of negligence, project failures, and intellectual property breaches. 3. Does cyber insurance cover client data breaches? Ans 3. Yes. It typically includes legal costs, customer notifications, forensic investigation, and recovery. 4. Can I get one policy for all risks? Ans 4. Yes, technology business insurance can bundle multiple covers to protect your operations comprehensively. Important notice This article is of a general nature only and does not take into account your specific objectives, financial situation or needs. It is also not financial advice, nor complete, so please discuss the full details with your insurance broker as to whether these types of insurance are appropriate for you. Deductibles, exclusions and limits apply. You should consider any relevant Target Market Determination and Product Disclosure Statement in deciding whether to buy or renew these types of insurance. Various insurers issue these types of insurance and cover can differ between insurers. This article is of a general nature only and does not take into account your specific objectives, financial situation or needs. It is also not financial advice, nor complete, so please discuss the full details with your insurance broker as to whether these types of insurance are appropriate for you. Deductibles, exclusions and limits apply. You should consider any relevant Target Market Determination and Product Disclosure Statement in deciding whether to buy or renew these types of insurance. Various insurers issue these types of insurance and cover can differ between insurers. This article provides information rather than financial product or other advice. The content of this article, including any information contained in it, has been prepared without taking into account your objectives, financial situation or needs. You should consider the appropriateness of the information, taking these matters into account, before you act on any information. In particular, you should review the product disclosure statement for any product that the information relates to it before acquiring the product. Information is current as at the date the article is written as specified within it but is subject to change. Global Insurance Solutions Pty Ltd make no representation as to the accuracy or completeness of the information. Various third parties have contributed to the production of this content. All information is subject to copyright and may not be reproduced without the prior written consent of Global Insurance Solutions Pty Ltd.

In today’s digitally connected world, cyber threats pose significant risks to Australian businesses. Whether you’re a small enterprise or a large corporation, having a robust cyber incident response plan is essential. At Global Insurance Solutions, we recognise the importance of preparedness and protecting your business from cyber vulnerabilities. Understanding a Cyber Incident Response Plan A cyber incident response plan is a structured strategy detailing the steps your business will take when responding to a cyber attack or security breach. It encompasses guidelines, responsibilities, communication protocols, and recovery processes, ensuring minimal disruption and swift resolution. Why Does Your Business Need One? Cyber incidents can severely disrupt operations, damage reputation, and result in significant financial loss. A well-prepared cyber security incident response plan can significantly mitigate these risks, reducing downtime and financial damage. Essential Steps in a Cyber Incident Response Plan Creating a robust response plan involves structured steps and clear processes: Step 1: Preparation Developing a comprehensive cyber incident response plan checklist is critical. Your preparation should involve: Defining clear roles and responsibilities. Training your team on cyber security practices. Implementing regular backups and system security measures. Step 2: Identification Quickly identifying a breach minimises damage. Utilise monitoring tools and ensure staff are trained to recognise and report suspicious activities immediately. Step 3: Containment Containing a cyber incident prevents it from spreading further. Strategies include isolating affected systems and restricting network access. Step 4: Eradication Eliminate the root cause of the breach by removing malicious software, patching vulnerabilities, and updating security measures to prevent recurrence. Step 5: Recovery Restoring operations quickly is critical. Employ your backups, verify system integrity, and resume normal business activities gradually, ensuring all systems are secure. Step 6: Review and Communication A cyber incident response communication plan ensures transparent and effective communication internally and externally. Review your response actions, identify areas for improvement, and adjust your plan accordingly. Tools to Enhance Your Incident Response Plan Using resources such as the ACSC cyber incident response plan, NSW cyber incident response plan, or customised cyber incident response plan templates can streamline the development process. Additionally, a clearly designed cyber incident response plan flow chart visualises the response process, making implementation simpler for all team members. Complement Your Plan with Cyber Insurance While prevention and response are critical, not all incidents can be avoided. This is where cyber insurance plays a pivotal role: Cyber insurance coverage helps cover financial losses due to breaches. Cyber liability insurance supports your business against third-party claims related to data breaches. Understanding precisely what cyber insurance does not cover is equally crucial, so you can layer policies like the cyber insurance excess layer for added protection. At Global Insurance Solutions, we arrange tailored general insurance and specialised cyber security insurance designed specifically for Australian businesses. The Benefits of Integrating Cyber Insurance with Your Response Plan Having a robust incident response plan for cyber security coupled with comprehensive insurance offers multiple benefits: Financial protection against cyber threats. Access to expert incident response and recovery support. Confidence in maintaining business continuity and reducing downtime. Final Thoughts: Take Action Today Digital threats continually evolve, making proactive management critical. A robust cyber incident response plan combined with comprehensive cyber insurance ensures your business is prepared, protected, and capable of rapid recovery. At Global Insurance Solutions, we understand the complexities involved in safeguarding your digital assets. Contact our experts today to secure tailored advice and ensure your Australian business is prepared to tackle cyber threats head-on. Also Read : Understanding Business Liability | Ultimate Insurance Checklist for Australian Trade Shows | Australian Business Risk Strategies Frequently Asked Questions: Cyber Incident Response Plans for Australian Businesses 1. What exactly is a Cyber Incident Response Plan (CIRP), and why does my Aussie business need one? Answer: Fair dinkum, a CIRP is essentially your business’s detailed step-by-step guide on how to handle a cyber security incident. Think of it like your emergency action plan for a fire, but instead of flames, you’re dealing with hackers, data breaches, ransomware, and the like. You need one, mate, because these digital blokes aren’t mucking around. A well-thought-out plan helps you react quickly, minimise the damage, get back on your feet faster, and importantly, meet your legal and regulatory obligations here in Australia. 2. We’re just a small Aussie business; are Cyber Incident Response Plans really for us? Surely that’s for the big end of town? Answer: Cobber, don’t kid yourself. Size doesn’t matter to cyber crooks. In fact, smaller businesses are often seen as easier targets because they might not have the same level of security. A data breach or ransomware attack can absolutely cripple a small Aussie business – the cost of recovery, the reputational damage, and the potential legal headaches can be devastating. A CIRP is just as crucial for you, if not more so, to ensure your survival. 3. What sort of things should be included in our Australian business’s Cyber Incident Response Plan? Answer: Good on ya for asking the specifics. A decent CIRP for an Aussie business should cover: Clear Roles and Responsibilities: Who does what when the you-know-what hits the fan? Designate your incident response team and their specific duties. Communication Protocols: How will you communicate internally and externally during an incident? This includes staff, customers, suppliers, and potentially regulatory bodies like the OAIC (Office of the Australian Information Commissioner).Incident Identification and Analysis: How will you know an incident has occurred, and how will you quickly figure out what’s going on? Containment and Eradication: What steps will you take to stop the attack from spreading and to remove the threat? Recovery Procedures: How will you restore your systems and data and get back to business as usual? Post-Incident Activities: What will you do after the incident to learn from it and prevent it from happening again? This includes a thorough review and updating of your plan. Legal and Regulatory Compliance: Making sure you’re aware of and adhering to Australian data breach notification laws and other relevant regulations. Contact Information:

Non-fungible tokens are units of data stored on a blockchain, which is an immutable digital ledger for storing information. Proponents of NFTs argue they intrinsically provide proof of ownership. Examples of NFTs include digital artworks, domain names and in-game items. As a new invention, NFTs are a highly contested area and there are question marks over the veracity of these instruments. People who buy and sell these assets treat them as a unique store of value. However, there is nothing to stop someone creating an identical copy of an existing NFT. There is also very little understanding about how copyright might work in this area. Insurance options for NFTs At the moment, there are very limited ways of insuring NFTs. At time of writing, there was no evidence of anyone making a successful claim against a policy written over an NFT. It’s worth noting some commentators suggest the instruments don’t require cover. This is because NFTs have intrinsic insurance because they cannot be duplicated or stolen unless the NFT’s owner gives a third party their private keys to access them. There’s only a handful of specialist insurers that cover NFTs, with no appetite for this risk among larger insurers so far. In particular, the increasing incidence of scams involving NFTs are also unpalatable to mainstream insurers. “Insurers in general are less inclined to provide cover over digital assets, or are only prepared to provide restricted cover,” says Michael White, Steadfast’s broker Technical Manager. “Over time, Stroud expects insurers will be prepared to provide cover over NFTs, especially if asset owners put in place strategies to mitigate their risks.” The future for NFTs and insurance NFT educator, adviser and collector Amy Marie Stroud notes this is an area that is still like the wild west, with no legislation or protections. “There needs to be further education, both for end users and insurers, as there is limited understanding of the NFT sector unless you’re deep in it every day.” Over time, Stroud expects insurers will be prepared to provide cover over NFTs, especially if asset owners put in place strategies to mitigate their risks. This might include the use of secure cold wallets, which store digital assets offline, as well as air-gapped wallets, which isolate devices where NFTs could be stored from an unsecure network. Digital wallets that require multiple signatures to access their contents are another option. “Insurers will have to decide how they cover the human element of hackings and phishing scams, which account for most wallet compromises. Insurers may choose to only cover selected projects to reduce their risk,” says Stroud. “Large scale, custodial marketplaces such as Coinbase NFT are also likely to play a role. Most cryptocurrency investors leave their funds with custodial exchanges such as these, which are usually protected by insurance,” she adds. While it’s still early days for insurance for NFTs, it’s an area that will grow over time. Talk to your Steadfast broker for advice about protecting your digital and other assets.