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Cyber attacks considered top business concern for 2025: Allianz

15th January 2025

Cyber incidents are considered the top risk for companies globally in 2025, according to the Allianz Risk Barometer. Business interruption is also a main concern for companies of all sizes, remaining in second place, with natural catastrophes ranking third. Geopolitical turmoil, impact of government and regulatory change, and fear of trade wars ... Read the full article

CyberCube predicts AI will amplify cyber attacks in 2025

15th January 2025

CyberCube, a provider of cyber risk analytics for the insurance sector, has released its 2025 Predictions Report, which suggests that artificial intelligence (AI) agents will give cybercriminals greater leverage to scale widespread attacks. The report highlights key trends and challenges shaping the cyber sector in the year ahead. Yvette Essen, Head ... Read the full article

Global cyber attacks will more than double this year to 211, says QBE

1st October 2024

The number of disruptive and destructive global cyber-attacks taking place each year is set to increase by 105% to the end of 2024, according to a new report from QBE. In fact, the trend shows that these significant, disruptive and destructive global cyber-attacks are likely to more than double this year ... Read the full article

Organisation data on dark web increases cyber attack risk: Marsh McLennan

23rd September 2024

The presence of any data related to an organisation on the dark web increases its risk of cyberattacks, according to a study by Searchlight Cyber and the Marsh McLennan Cyber Risk Intelligence Center. The Center examined Searchlight’s dark web dataset alongside a sample of 9,410 organisations, which had an overall breach ... Read the full article

Cyber attacks against UK utility companies up 586% in 2023: Chaucer

29th July 2024

According to data collected by global specialty re/insurer Chaucer, successful cyber attacks against UK utility companies increased to 48 in 2023, representing a 586% increase over the seven cases seen in 2022. The attacks have caused sensitive data belonging to 140,000 individuals to be compromised in the UK, which is a ... Read the full article

NHS cyber attack underscores ongoing ransomware threat to healthcare sector

6th June 2024

Paul Gooch, Head of Large Account Cyber at Tokio Marine Kiln, has advised companies to adopt the mindset 'not if, but when' in their approach to cybersecurity, following the attack on hospitals in London targeting NHS IT firm Synnovis. Reinsurance News understands that the attacks have affected the Royal Brompton, Harefield, ... Read the full article

Aon reveals cyber attack/data breach as top risk for financial institutions

17th May 2024

Aon, a global insurance and reinsurance broker, has revealed that cyber attack/data breach ranks first among the top business risks confronting the financial institutions industry. This insight is derived from Aon’s 2023 Global Risk Management Survey. The survey also identifies regulatory/legislative changes and economic slowdown/slow recovery as the next most critical ... Read the full article

Cyber attack/data breaches hailed as top business risk for firms in India: Aon

14th March 2024

Cyber attack/data breaches have been identified as the top business risk for organisations across India, according to data from re/insurance broker Aon. The broker recently announced the results of its 2023 Global Risk Management Survey, which gathered data from almost 3,000 risk managers, c-suite leaders, treasurers, talent professionals and other executives ... Read the full article

Merck reaches settlement with insurers over $1.4bn NotPetya cyber attack

10th January 2024

It's been reported that pharmaceutical giant Merck & Co. Inc. and its insurers have reached an agreement over the $1.4 billion in losses Merck alleged it suffered from the NotPetya cyberattack in 2017. Bloomberg Law reported last week that Merck struck an 11th-hour settlement with its insurers on January 3rd, 2024, which ... Read the full article

Cyber attack/data breach top business risk in Asia Pacific: Aon

22nd November 2023

Global professional services firm Aon has unveiled its 2023 Global Risk Management Survey results, highlighting cyber attack/data breach as the top concern for organisations in the Asia Pacific region. Aon CEO, Greg Case, emphasised the heightened awareness of interconnected risks and people challenges, citing the dynamic landscape of trade, technology, weather, ... Read the full article

Businesses lacking protection & recovery plans against cyber attacks: The Hanover

26th October 2023

Data from a recent cyber resiliency report from The Hanover highlights that 74% of small and mid-sized business decision-makers (defined as C-level executives at businesses with 3-249 employees) are confident in their ability to prevent cyberattacks effectively. Quite an alarming concern however, is that most businesses are said to not have ... Read the full article

Global economy exposed to $3.5trn loss from potential cyber attack: Lloyd’s

18th October 2023

London-based marketplace for insurance and reinsurance, Lloyd’s, has published a systemic risk scenario that shows the global economy is exposed to losses of $3.5 trillion over a five-year period from a cyber attack on a major financial services payments. The risk scenario models the global economic impact of a hypothetical but ... Read the full article

Hiscox research reveals escalation in cyber attacks on businesses for fourth consecutive year

16th October 2023

A recent study conducted by Hiscox has unveiled a concerning trend of increasing cyber attacks on businesses, marking the fourth consecutive year of growth in such incidents. The report, titled the "Hiscox Cyber Readiness Report," draws from insights provided by over 5,000 organisations worldwide, representing a variety of sizes and industries. The ... Read the full article

Cyber attacks & financial risks named as biggest worry for mid-sized companies: QBE

21st September 2023

Cyber attacks and financial risks have been ranked as the biggest worries for mid-sized businesses, according to QBE North America. In their 2023 Mid-Sized Company Risk Report, QBE NA sheds light on the dynamic landscape of mid-sized businesses across the United States. The report, presents an in depth analysis of 12 macro ... Read the full article

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

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