Reinsurance News
Your search for “cyber attack”
Russian cyberattacks may test insurer war exclusion language: Fitch Ratings
2nd March 2022
The risk of cyberattacks has increased following Russia’s invasion of Ukraine and may test the effectiveness of ‘war exclusion’ and ‘hostile act exclusion’ language in policies, says Fitch Ratings. A new note from the agency says that the wording, already under greater scrutiny following a recent court ruling that found an ... Read the full article
Cybercube warns underwriters after GoDaddy attack
26th November 2021
New research has highlighted how a Single Point of Failure (SPoF) cyber attack represents one of the most likely ways the world could experience its first systemic cyber event, according to analytics company, CyberCube. The GoDaddy breach is the latest in a series of cyber attacks on SPoFs including the SolarWinds ... Read the full article
Cyber-attacks are top concern for Board Directors: McGill
25th November 2021
According to a new report from specialist reinsurance broker McGill and Partners, cyber-attacks are the number one concern for Board Directors. 81% of board directors surveyed by McGill and Partners and NEDonBoard, the professional body for non-executive directors and board members, identified cyber-attacks as the biggest threat that their business currently ... Read the full article
Pipeline attack a “timely reminder” of cyber cost: Bloomberg Intelligence
17th May 2021
Bloomberg Intelligence has said that the recent attack on Colonial Pipeline serves as a “timely reminder” of the vulnerability of energy infrastructure and the need for cyber insurance. BI cited a recent report by the Center for Strategic and International Studies in partnership with McAfee which estimates the annual monetary cost ... Read the full article
MS Exchange attacks could drive thousands of claims: CyberCube
12th April 2021
Cyber analytics provider CyberCube has warned re/insurers of the potential for a large volume of claims resulting from recent cyber attacks by criminals on the servers running Microsoft’s email services. Tens of thousands of Microsoft Exchange servers in businesses and organisations around the world could have been infected during a series ... Read the full article
Lloyd’s report highlights risk of cyber-attacks on the industrial sector
16th February 2021
Lloyd’s has partnered with cyber analytics specialist CyberCube and reinsurance broker Guy Carpenter on a new report examining the increasing risk posed by ‘Internet of Things’ devices to industrial and manufacturing businesses. The three firms conducted an analysis detailing scenarios which represent the most plausible routes by which a cyber-attack against ... Read the full article
Governments being hit by cyberattacks harder, more often: Deloitte
21st May 2020
Research from Deloitte has found governments are being held hostage by cyber attacks more frequently, with criminals expanding their attack base and asking for more money. Governments in 2019 reported 163 ransomware attacks and paid over $1.8 million in ransoms, with tens of millions of dollars spent on recovery costs. This ... Read the full article
Coronavirus attacks show UK cyber vulnerabilities: GlobalData
12th March 2020
Data and analytics company GlobalData has reported that small to medium enterprises (SMEs) in the UK remain underinsured and vulnerable to cyber attacks. The comments come amid a surge of coronavirus-related cyber attacks, which UK police estimate to have caused £800,000 of total losses from 21 separate cases in February alone. The ... Read the full article
Norsk Hydro puts H1 cyber-attack impact at up to $75 million
23rd July 2019
The cyber-attack that hit aluminium manufacturing giant Norsk Hydro in March is expected to result in an overall financial impact of up to $75 million (NOK 650 million), with the majority of the impact being felt in its Extruded Solutions business. For Q1, Norsk Hydro puts the overall impact at between ... Read the full article
Cyber risk biggest threat to European business as attacks surge: WEF
21st December 2018
The World Economic Forum (WEF) has identified cyber risk as the biggest threat to doing business in Europe following a survey that revealed a surge in cyber attacks over the first half of 2018. Estimates suggest that the number of cyber attacks across Europe increased by around a third in 2018. The ... Read the full article
Aon and Guidewire model silent cyber risks for U.S dam attack
25th October 2018
Re/insurance broker Aon and Guidewire Software, a platform provider for property and casualty (P&C) re/insurers, have collaborated on a scenario that models insured losses related to a hypothetical cyber attack on a U.S hydroelectric dam. The scenario analysed an attack in which a hacker opens the flood gates of a hydroelectric ... Read the full article
Cyber-attack more of a threat to re/insurance industry than nat cats, warns Inga Beale
19th January 2018
The re/insurance industry's biggest threat is no longer natural disasters but successful cyber-attackers, and companies across all sectors must do more to defend themselves against the growing cyber threat, warns Lloyd's of London Chief Executive Officer (CEO), Inga Beale. Speaking at the Asian Financial Forum, Beale highlighted the potentially huge costs ... Read the full article
Ransomware attacks spur cyber demand, could be a $14bn market: Fitch
16th May 2017
As we wrote yesterday, the recent cyber attacks that struck more than 150 countries across the globe with ransomware will stimulate new demand for cyber insurance and reinsurance coverage, and Fitch Ratings agrees, saying today that re/insurers are in a unique position to respond to assist customers faced by ... Read the full article
Global ransomware attack highlights the growing need for cyber re/insurance
15th May 2017
Last weekend's devastating global ransomware attack has refocused attention on the need to mitigate against growing risks of cyber threat with greater protection and re/insurance cover, and prompted a cybersecurity stock purchase by European investors. The cyber attack locked up more than 200,000 computers in over 150 countries - disrupting hospitals, businesses, ... Read the full article
Q1 2024 sets record for most ransomware attacks in a first quarter: Corvus
30th April 2024
As per a new report from Corvus Insurance, Q1 2024 has set a record for the most global ransomware attacks in a first quarter. According to the data in Corvus' Q1 2024 Ransomware Report, 1,075 leak site ransomware victims were posted on leak sites during the first quarter, despite the disruption ... Read the full article