Cyber attacks

Insurance organizations must identify where true exposure and business risk hide.

After reviewing the claims data from 2019 to 2021, Embroker uncovered some interesting trends and shifts that can help insurers predict the types of claims that businesses will most likely continue to see in 2022.

Russian digital warfare against Ukraine and potentially other nations as part of its invasion is prodding cyber insurers to beef up language protecting them against losses, and has left policyholders uncertain about the extent of their coverage.

Digital Insurance spoke with Thomas Kang, the North American head of cyber technology and media for Allianz Global Corporate & Speciality about cyber insurance trends and challenges ahead for the industry.

In other news: Zurich releases cyber risk survey results; Hertz and Uber to add 50,000 Teslas to network; Amica selects Shift Technology.

The number of cyber insurance claims AGCS has seen has increased in the past few years, following along with general cyber risk trends. In 2020, the company received more than 1,000 in total, compared to 80 in 2016. This trend has continued into 2021.

Microsoft 365 customers are eligible for discounts on At-Bay cyber insurance if certain security controls are implemented like multifactor authentication and Microsoft Defender.

Many insurers are focused on ransomware risk protection even though other new vulnerabilities are emerging from remote work. Recent statistics point to a troubling increase in ransomware and phishing, web application attacks and other emerging cybercrime tactics.

Chief executives from across the business world are set to join President Joe Biden for a discussion Wednesday on how industry and the federal government can partner to improve cybersecurity in the face of debilitating ransomware and cyberattacks.

The coronavirus outbreak is impacting the cyber risk landscape, with reports of maritime and offshore energy companies having faced a 400% increase in attempted cyber-attacks since the pandemic began.