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Global economy resilient to cyber attacks, but major events pose significant risk: CyberCube

6th June 2023

A recent report by cyber risk analytics provider CyberCube reveals that while the global economy has shown resilience to cyber attacks with minimal financial losses experienced so far, the analysis of near-miss events suggests a significant risk of far larger losses in the future. In the comprehensive study, CyberCube examined over ... Read the full article

Intangic MGA calls for a new approach to managing nation-state cyber attacks

26th May 2023

Intangic MGA has called for a new approach to managing nation-state cyber attacks that moves away from the focus on catastrophic 'Cyber Armageddon' toward the higher frequency events happening every day. According to Intangic, outside of the individuals and entities on the frontline of cyber warfare today, the general perception of ... Read the full article

Cyber attack surface widened by new ways of working, says Coalition

6th March 2023

London decoy computers were attacked 91 million times in January, of which 77 million were attempts to hack into remote desktop connections used by employees working out of office, according to new data from cyber insurer Coalition. Computers specially configured to make cyber criminals think they were small businesses operating in ... Read the full article

Cyber attacks set to become “uninsurable” suggests Zurich’s Greco

28th December 2022

In an interview with the Financial Times, Zurich CEO, Mario Greco, has warned that cyber attacks will become “uninsurable” as the disruption from hacks burgeon. “What will become uninsurable is going to be cyber,” Greco said, “What if someone takes control of vital parts of our infrastructure, the consequences of that? ... Read the full article

Insurers back call for more to be done against cyber attacks: ICA

29th September 2022

As cyberattacks increase in frequency and severity, the Insurance Council of Australia (ICA) has welcomed analysis from the Actuaries Institute on cyber risk and the role of re/insurance in protecting against the impacts of cybercrime. In a recent report, the ICA announced its support for the finding in the Actuaries Institute ... Read the full article

UK councils suffering up to 11m cyber attacks a year: Gallagher

1st September 2022

New research from Gallagher suggests that UK councils are suffering a collective 10,000 cyber-attacks each day. The research, originating from a FOIA request from the firm, found that 2.3m attacks had been reported by 161 local authorities. However, Gallagher maintains that the actual number is much higher. It said that scaling ... Read the full article

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