As cyber risks grow and regulations tighten, QBE says it is ramping up efforts to support brokers and their customers.

Brokers are seeking clarity, confidence and trusted insurance partners to address the threat, according to group CEO Andrew Horton.

“Cyber risk is one of the defining challenges for modern businesses, and the pace of change is only accelerating,” he told a gathering of 50 brokers at a QBE cyber insights event in Sydney on Tuesday.

“We’re investing in global capabilities as well as innovative solutions through our corporate venture capital arm QBE Ventures, to ensure QBE’s cyber proposition continues to evolve with the needs of the market.”

QBE leaders and industry experts at the insights event discussed market perspectives, risk guidance and the future of cyber threats.

The insurer launched global cyber insurance policy QCyberProtect in July last year, and in December it said QBE Ventures wanted to back more cyber start-ups. 

Australia Pacific CEO Sue Houghton says QBE is doubling down on its cyber commitments to be a credible, long-term player in an increasingly demanding environment.

“Our partners want to know their customers are in capable hands. In Australia, they have access to a local team that understands the cyber market inside out and are backed by a strong global network of data, insights and experience,” she said.

QBE’s global head of cyber services Dominic Keller, Department of Home Affairs assistant secretary for cyber policy and programs Ashley Bell, Insurance Council of Australia executive Alexandra Hordern and Ashurst partner John Macpherson discussed evolving regulatory obligations at the event.

They explored the implications of AI for regulators’ growing role in driving resilience.

QBE global head of cyber Serene Davis says the risk can be complex and “our job is to make it more accessible. We’re focused on making it easier for our partners to talk to their customers about cyber risk and deliver them the right cover with confidence, whether that’s through our proactive risk management support or streamlined AI-assisted underwriting processes.”