The Federal Government should consider setting up a cyber reinsurance pool to “improve confidence” in the market, according to Risk Frontiers.

The risk modeller sets out a series of actions to shore up Australia’s cyber defences in a submission to Government consultation on the nation’s 2020 Cyber Security Strategy.

“A cyber reinsurance pool is one form of funding that the Government should explore to improve confidence in the cyber insurance market, increase the resilience of the economy and community to cyber-attacks and, more generally, as a signal to build market confidence,” it says.

Risk Frontiers also urges significant work on data collection and sharing, the regulatory framework, insurance policies and premiums, and education and awareness.

See ANALYSIS.