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SMEs vulnerable to cyber attacks – GlobalData

16th June 2022

Many SMEs will leave themselves exposed to cyber risk in 2022 due to high insurance premiums and the cost-of-living crisis, according to a new survey by GlobalData. The research found that 17.3% of SMEs did not have cyber insurance in 2021 due to it being too expensive, while 29% had ... Read the full article

Cyber attacks increased year-on-year, Munich Re survey shows

10th June 2022

Reinsurance giant, Munich Re recently published the results from its Global Cyber Risk and Insurance Survey 2022. The survey was conducted among more than 7,000 participants from 14 countries. On a global level, data from the survey shows that attacks in ransomware, data breach and online fraud have increased year-on-year. Ransomware ... Read the full article

Cyber attacks driving insolvency fears into businesses: Hiscox

18th May 2022

According to the latest Hiscox Cyber Readiness Report, 20% of businesses across eight countries said that a cyber attack almost rendered them insolvent, a 24% increase compared to last years report. The Hiscox Cyber Readiness Report, now in its sixth year, surveyed over 5,000 businesses in the US, UK, Ireland, Belgium, ... Read the full article

Economic climate and cyber attacks biggest D&O concerns – WTW

3rd May 2022

The economic climate and cyber attacks remain high on the mind for respondents to WTW’s latest Directors’ Liability Survey Report. The report, collated from answers from respondents across 40 countries, found that the five top risks to directors were said to be cyber-attack, data loss, cyber extortion, regulatory risk, and prosecuting ... Read the full article

Aon hit by cyber attack

28th February 2022

Global insurance and reinsurance broker Aon was hit by a cyber attack on February 25th, 2022, according to an 8-K filed with the Securities and Exchange Commission (SEC) in the U.S. In its filing, Aon states that it identified a cyber incident impacting a limited number of systems. In response, Aon promptly ... Read the full article

CNA paid $40mn ransom to resolve March cyber attack

21st May 2021

US insurer CNA is reported to have paid a $40 million ransom last March as the company attempted to regain control over its network and meet the demands of a highly organised cybercrime syndicate. The hackers had been successful in infecting CNA’s network with a type of malware known as ransomware, ... Read the full article

Pipeline cyber attack not surprising, says Swiss Re’s Mumenthaler

13th May 2021

Swiss Re CEO Christian Mumenthaler has said that he is “not too surprised at all” that cyber criminals were able to successfully target and disrupt the operations of Colonial Pipeline, and warned that key infrastructures remain open to similar hacks. Asked about the eventual cost and fallout of last week’s attack ... Read the full article

Colonial Pipeline cyber attack a wakeup call: McGill & Partners

11th May 2021

Analysts at specialist insurance broker McGill & Partners have said that the recent cyber attack on Colonial Pipeline should serve as a “wakeup call to organisations all over the world.” Last week’s ransomware attack on the largest fuel pipeline in the US took the service offline over the weekend, causing major ... Read the full article

Munich Re unit HSB finds cyber attacks on the rise

31st July 2020

A survey by HSB, part of Munich Re, has shown results for a continuing increase in identity theft, cyberattacks and online fraud as criminals steal personal information and millions of dollars. The survey conducted by Zogby Analytics found that 77% of consumers were very or somewhat concerned about online identity theft. Because ... Read the full article

Ransomware cyber attacks on the rise, warns Chubb

24th October 2019

On the back of a significant increase from 2017 to 2018, the volume of ransomware cyber attacks in the first-half of 2019 has already outpaced the total number of claims witnessed in the whole of 2018, according to global insurer and reinsurer Chubb. The significant increase witnessed in the first-half of ... Read the full article

Quarter of UK pension schemes unprepared for cyber attack: Aon

16th October 2019

Almost a quarter of trustees of UK pension schemes have still had no training on the risk of cyber crime, according to a new survey by re/insurance brokerage Aon. While 95% of respondents to Aon’s Global Pension Risk Survey 2019 said their schemes had not been affected by cybercrime, a handful ... Read the full article

One third of UK councils targeted by cyber attacks in 2019, reports Gallagher

4th October 2019

Councils across the UK are facing an unprecedented number of cyber attacks, with one third of local authorities targeted in the first six months of 2019 alone, according to re/insurance broker Gallagher. Of the 202 councils that responded to freedom of information (FOI) requests from Gallagher, 101 also said they had ... Read the full article

Norsk Hydro expecting $69m hit from cyber attack

6th June 2019

The cyber attack that hit aluminium manufacturing giant Norsk Hydro in March could cost the company as much as $69 million over the first two quarters of 2019. Norsk Hydro had previously disclosed that it expected to lose between NOK400 million and NOK450 million (US$46 million and $52 million). According to ... Read the full article

LockerGoga cyber attack was a wake-up call: Johansmeyer, PCS

9th May 2019

The LockerGoga ransomware attack was a wake-up call for the insurance and reinsurance industry and underlines the complex, emerging, and fast-moving nature of cyber risk, according to Property Claim Services (PCS) Co-Head, Tom Johansmeyer. LockerGoga is the strain of ransomware behind the recent Norsk Hydro cyber attack, as well as multiple attacks on ... Read the full article

Norsk Hydro updates cyber attack loss estimate to $52mn

30th April 2019

Norwegian aluminium manufacturer Norsk Hydro has provided an updated loss estimate of NOK 400-450 million (USD $46-52 million) for the cyber attack in March that caused major disruption to its operations. Norsk Hydro had previously disclosed that it expected to lose 300-350 Norwegian crowns (USD $35-41 million) for the first ... Read the full article