Menu

Reinsurance News

Arthur J. Gallagher targeted in ransomware attack

29th September 2020 - Author: Matt Sheehan

International insurance brokerage firm Arthur J. Gallagher & Co has confirmed that it was the target of a ransomware attack on September 26th.

cyber-attack-hackerThe firm said the incident impacted a “limited portion” of its internal systems, and does not expect it to have a material impact on its operations or financial condition.

“We promptly took all of our global systems offline as a precautionary measure, initiated response protocols, launched an investigation, engaged the services of external cybersecurity and forensics professionals, and implemented our business continuity plans to minimize disruption to our customers,” Arthur J. Gallagher reported.

Following the attack, the broker also restarted most of its business systems.

Cyber attacks, and ransomware in particular, have increased significantly over the course of 2020 due in part to the growing reliance on remote working.

A report by Beazley found that ransomware attacks spiked by 25% in Q1 compared to the last quarter of 2019. And this was after ransomware incidents already “skyrocketed” throughout 2019.

Rating agency AM Best has similarly warned that re/insurers need to rethink and enhance their stress tests due to the notable uptick in cyber incidents this year.

Print Friendly, PDF & Email

Recent Reinsurance News

Getting your daily reinsurance news from Reinsurance News is a simple way to receive only the reinsurance industry news that matters, delivered directly to your email inbox.

  • Only email is mandatory, but the more you tell us about yourself the better we can serve you in future!
  • This field is for validation purposes and should be left unchanged.

By submitting the form you are giving your consent to be emailed by us.

Read previous post:
Pen Underwriting announces key leadership changes

Multi-territory managing general agent Pen Underwriting has announced a series of newly created roles and leadership appointments. Stewart Gardiner, previously...

Close