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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

Heightened risk of severe cyberattacks amid Middle East conflict: S&P

12th March 2026

According to S&P Global Ratings, cyber-risk analytics firms have reported heightened activity by threat actors and affiliated hacktivist groups since the outbreak of the Middle East war, including distributed denial-of-service attacks, phishing campaigns and attempts to compromise corporate networks and critical infrastructure. With this in mind, the rating agency said there ... Read the full article

Jaguar Land Rover attack most economically damaging cyber event to hit UK: CMC

23rd October 2025

The Cyber Monitoring Centre (CMC) has disclosed that the recent cyberattack targeting Jaguar Land Rover (JLR) inflicted an estimated £1.9 billion in financial damage across the UK and disrupted more than 5,000 organisations, marking the most economically devastating cyber incident in the nation’s history. For those in need of a reminder, ... Read the full article

CyberCube identifies sectors most at risk from Scattered Spider attacks

8th July 2025

CyberCube, a provider of cyber risk analytics, has identified Manufacturing, Education, IT, and Retail as the sectors most at risk of attacks from the threat actor group Scattered Spider — the group behind several recent high-profile cyber incidents, including the attack on large UK retailer Marks & Spencer (M&S). Scattered Spider ... Read the full article