Ransomware

The cyber insurance sector refused to be fazed by snowballing ransomware attacks, helping insureds protect themselves better. But a potent threat to both parties persists.

Deep fakes and quantum computing are adding to the multiple risk issues confronting cyber risk insurers

This year’s Airmic conference was held between 6-8 June at the Arena Convention Centre in Liverpool under the theme ‘Moving Forward Together,’ with one of the key panel sessions addressing the impact of cyber risks on organizations and how they can better protect themselves.

Mexico and Brazil compete for first place as the country to experience the most cyber attacks in Latin America

Cyber risks are potentially outpacing natural catastrophes and business interruption as insured risks.

The rise of ransomware attacks has lead some underwriters to raise rates and pull back on capacity, said Catherine Mulligan, head of cyber for Aon Reinsurance Solutions, at the Joint Industry Forum in New York.

Taking single-minded steps to reduce the risk of ransomware attacks could open companies up to other vulnerabilities, said Chris Beck, a managing director with Milliman.

Why cybersecurity has become a bigger issue for (re)insurers and how they can address it.