Reinsurance News
Your search for “cyber attack”
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
Norsk Hydro says cyber attack could cost $41mn, names AIG as lead insurer
26th March 2019
Aluminium manufacturer Norsk Hydro has said that it is anticipating a financial impact of between 300-350 Norwegian crowns (USD $35-41 million) for the first week following a cyber attack on March 19 that caused major disruption to its operations. The Norwegian firm also stated that it had a “solid cyber risk ... Read the full article
PCS looks into Norsk Hydro cyber attack losses
26th March 2019
Property Claims Services (PCS), a Verisk business, has begun investigating the loss potential of the recent cyber attack on aluminium manufacturing giant Norsk Hydro. Co-Head of PCS Tom Johansmeyer told our sister publication, Artemis, that the firm was watching the event to determine whether it qualifies for designation under PCS Global ... Read the full article
Norsk Hydro disrupted by major cyber attack
19th March 2019
A potential ransomware attack on Norsk Hydro, one of the world’s largest manufacturers of aluminium, has forced the company to switch to manual operations in a bid to contain the breach. Emerging reports indicate the Norway-based company’s operations are being disrupted after unusual activity was spotted on its server by IT ... Read the full article
Global cyber attack could cost businesses almost $200bn, finds study
4th February 2019
The global re/insurance industry is underprepared for the impact of a single large-scale ransomware cyber attack, which could cost businesses as much as $193 billion, according to a new study by the Cyber Risk Management (CyRiM) project. The report modelled an attack that infects 30 million devices worldwide and forces companies ... Read the full article
Mondelez’s NotPetya cyber attack claim disputed by Zurich: Report
17th December 2018
A significant cyber insurance claim related to the Petya / NotPetya malware attack is being disputed by insurer Zurich, as the policy language includes an exclusion for hostile acts by sovereign actors. The NotPetya ransomware, a variation of Petya, hit companies around the world, interrupting their business through systems being out ... Read the full article
Global losses from cyber attacks could reach $6 trillion, warns FBI’s former cyber head
11th October 2017
Annual, global losses from cyber attacks could reach as much as $6 trillion as the world continues to become more interconnected via advanced technology, such as the Internet of Things, according to cyber risk expert and former head of the FBI's cyber unit, James Trainor. Addressing an audience at the 2017 ... Read the full article
Re/insurers could face up to $2.5 billion loss from next global cyber attack
14th July 2017
Graeme Newman, Chief Innovation Officer at CFC Underwriting, warned in a recent interview that the next global WannaCry cyber attack could cost the industry up to $2.5 billion, Bloomberg reported. "It’s exceptionally likely that we will see an event over the next months that will seriously affect insurers," said Graeme ... Read the full article
Majority believe Clop ransomware attack could be impactful to cyber insurers
8th June 2023
We recently published a poll on our LinkedIn page asking our readers how meaningful they think that the Clop ransomware attack could be for the insurance industry. The results from the poll have shown that 36% of participants believe that it could be impactful towards the cyber insurance industry. However, 14% of ... Read the full article
Volume of ransomware & extortion attacks to continue in 2023: CyberCube
7th March 2023
In a new report from CyberCube, the risk analytics specialist anticipates that there will be further attempts to compromise IT supply chains and geopolitical targets such as government agencies and non-government organizations. In CyberCube’s Global Threat Briefing, the firm identifies areas that the re/insurance and broking community needs to focus on ... Read the full article
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.
