CFC, a specialist insurance provider focused on cyber risk, has announced the hiring of Michael Lewis as its cyber development manager for Australia.
Starting in the role in January, Lewis (pictured) will be based in Melbourne. He brings experience from his role as a business development underwriter at Emergence Insurance.
Lindsey Nelson, CFC’s head of cyber development, said the move marks a milestone for CFC’s Australian operations.
“While we’ve had an incident response team on the Gold Coast for several years now, Mike will be our first ever dedicated cyber business development resource hired locally,” she said.
Businesses in Australia and New Zealand (ANZ) are taking longer than expected to recover from cybersecurity incidents, according to research by cloud service provider Fastly Inc.
The findings revealed that organisations in ANZ require an average of seven months to recover from cyber breaches, exceeding their original projections by nearly 20% and the global average of 5.9 months. Businesses that cut cybersecurity budgets experienced extended recovery times, often five months longer than those maintaining or increasing their investment.
Nelson emphasised the need for broader cyber insurance adoption among Australian businesses, citing significant gaps in coverage amid rising cyber threats.
“We recognise that many Australian businesses do not have insurance protection against cyber-attacks, which is all the more worrying given the significant and pervasive cyber risk. To address that glaring gap, we’re on a mission to ensure that every Australian broker has access to our award-winning cyber cover, and Mike is going to play a crucial role in helping us achieve this ambition,” she said.
Lewis will focus on providing brokers with education and training to enhance their understanding of cyber risk, with the goal of improving policy conversion rates and driving growth in their commercial portfolios.
In his new role, he will oversee key accounts and serve as a central contact for brokers in Australia.
Reflecting on his appointment, Lewis described CFC as a leader in the cyber insurance space, particularly noting its proprietary threat monitoring capabilities and in-house 24/7 incident response team.
“This has made them one of the most established and experienced providers in the market. I’m truly excited to join the team and relish the challenge of helping Australian brokers become cyber specialists and working together to close the protection gap,” he said.
