Each week, Business Cover Solutions distils the biggest stories shaping risk, insurance and compliance for Australian businesses. Expect clear, concise recaps of policy changes, industry developments, cyber and safety trends, and real-world impacts on day-to-day operations. We sort the signal from the noise so owners and managers can stay informed, anticipate obligations, and make confident decisions. Trusted, practical, and timely—your reliable briefing to start the week on the front foot.
This Week:
This week: APRA urges urgent uplift in cyber resilience as AI‑enabled threats grow and insurance affordability stays under pressure. Bendigo and Adelaide Bank faces a proposed $8m penalty over cyber control failings, signalling tougher enforcement. AFCA releases claims‑handling guidance, reinforcing decision timeframes and the need for transparent information. And Fair Work lodgements are surging as employees use AI, prompting potential disclosure rules. Takeaways: tighten cyber and HR processes, document claims thoroughly, and review cover—especially cyber and management liability. Visit business-cover.au for tailored quotes and comparisons.
EPISODE 2723 | Business Cover Weekly Risk and Insurance News | Fri, 21st Aug 2026
26 Aug 2026 | Paige Estritori
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Read Full Transcript:
Hello and welcome to Business Cover Weekly Risk and Insurance News, Im Paige Estritori, and its Friday, 21 August 2026.
First, Australias prudential regulator has put artificial intelligence squarely on the risk agenda. APRA, the Australian Prudential Regulation Authority, says urgent action is needed to harden systems against AI‑enabled cyber attacks, and it wants stronger board oversight of tech and cyber risk. It also notes ongoing pressure on general insurance affordability and availability. For business owners, nows the time to tighten cyber hygiene, test controls, and check your cyber liability insurance still fits your operations.
Next up, a wake‑up call on enforcement. Bendigo and Adelaide Bank faces a proposed $8 million civil penalty under the Banking Executive Accountability Regime after a 2023 cyber incident exposed weak authentication and unresolved control gaps. Expect tougher scrutiny across the system. Practical step: enforce multi‑factor authentication, fix known issues quickly, and review incident response and cover limits, including data restoration and business interruption options tied to cyber policies.
Meanwhile, the ombudsman has clarified what fair claims handling looks like. AFCA, the Australian Financial Complaints Authority, has issued guidance and case studies saying insurers should decide claims within about four months, share decision information with customers, and that delays or poor handling can lead to extra compensation. For you, that means documenting damage and costs thoroughly, keeping clear records with builders and assessors, and understanding any sub‑limits and exclusions before you renew.
Finally, workplace risk is rising in a new way. The Fair Work Commission reports a sharp lift in lodgements, with employees increasingly using artificial intelligence to prepare applications, and its considering disclosure rules for AI use. Employers should tighten HR processes, train managers on fair procedure, and consider management liability or employment practices cover to help with legal defence costs if a dispute lands.
Thats it for this week. For tailored business insurance quotes and clear comparisons, head to business-cover.au. Im Paige Estritori—thanks for listening, and Ill catch you next week.
The information on this website is general in nature and does not take into account your objectives, financial situation, or needs. Consider seeking personal advice from a licensed adviser before acting on any information.
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Knowledgebase
Peril: A specific risk or cause of loss covered by an insurance policy, such as fire, theft, or flood.
