Top Risk in Insurance: Cyber, Climate Change & Business Interruptions Dominate 2024
Cyber incidents, changes in climate, and business interruption are the chief risk concerns among key marketplace segments in the insurance industry
Cyber Risk
Cybersecurity risks relate to the loss of confidentiality, integrity, or availability of information, data, or information systems and reflect the potential adverse impacts to organizational operations and assets, individuals, other organizations.
‘Cyber risk’ means any risk of financial loss, disruption or damage to the reputation of an organisation from some sort of failure of its information technology systems. As a concept, cybersecurity risk refers to an organization’s vulnerability to losses due to a cyber attack or data breach. Ransomware, phishing, malware, third-party risks, internal risks, compliance failures, and other cyber hazards are examples of specific cyber threats.
In this section, we have collected the most current articles and reviews on the topic of the Cyber Risk.
Shifting Dynamics of the Cyber Insurance Market: Opportunities and Challenges
The era of rapid, double-digit growth in the cyber insurance market may be cooling, but the cyber expansion story isn’t over. A new market reality has emerged
Insurance Risk Dashboard. 10 Key Risks of the European Insurance Sector
EIOPA’s Insurance Risk Dashboard: European insurance sector’s risks remain stable at medium levels, with some vulnerabilities linked to market volatility and fluctuating real estate prices
Cyber Insurance: A Critical Component for Healthcare Security
There are approximately 133 million healthcare data breaches each year. Healthcare systems remain complex to secure, and cybercriminals take full advantage of this
Cyber Insurance Market Outlook for 2024-2034: Coverage & Capital Managing
Cyber insurance market is set for outsized growth compared with other lines of P&C insurance over the coming 10 years. There is some concern about what factors must come together for growth
Cyber Insurance Protection Gap. Cyber Risk Survey
Munich Re estimates global cyber premiums at approximately $14 bn and expects the cyber insurance market to reach a size of around $29 bn by 2027
Personal Cyber Insurance for Individuals. Survey 2024
Safeguarding your digital life: The essential role of personal cyber insurance for individuals and their families. Munich Re’s Survey 2024
Business Email Compromise: Cyber Threat Landscape & Preventing
Business email compromise (BEC), a sophisticated form of phishing that involves attackers manipulating individuals into unwittingly facilitating fraudulent activities
Global Cyber Insurance Market Forecast to Exceed over $120 bn by 2032
Global cyber insurance market has undergone significant changes in H1 2024, presenting both challenges and opportunities for retail agents
Generative AI’s Impact on Cyber Threat & Insurance Landscape
Gen AI offers opportunities for both cyber attackers and defenders, poised to significantly impact the threat landscape
How Geopolitics Reshapes the Cyber Threat Environment?
Risks associated with cyber warfare and systemic events more generally – scenarios where single attacks trigger widespread failures across multiple organisations
Cyber Insurance & Risk Management in a Volatile Threat Landscape
Enhanced cyber risk management strengthens an organization’s resilience against ransomware and other financial cyber attacks
Global Cyber Risk Insurance Report: Resilience & Relevance
Cyber continues to live up to its dynamic reputation. With no sign of the risk landscape abating – as demonstrated by ransomware, geopolitical instability
UK Cyber Insurance Market Trends: Q1 2024 Review
The UK cyber insurance market has shifted to favor buyers, driven by abundant capacity and fierce competition among insurers, leading to rate decreases
U.S. Cyber Insurance Generated Underwriting Profits in 2024
U.S. cyber insurance market experienced its second consecutive year of strong underwriting profits. Cyber coverage remained stable at 44%
How Will Generative AI Change the Cyber Insurance Landscape?
Major leaps in the effectiveness of Generative AI and Large Language Models have dominated the discussion around artificial intelligence
Cyber Risk Insurance Market Global Trends 2024
Global cyber insurance market has further matured. Cyber risk continues to increase, driven by rapid technological advances such as artificial intelligence
Cyber Insurance Poses Significant Risks to Re/Insurers’ Stability
Cyber insurance offerings expansion could pose significant risks to the financial stability of re/insurers if not managed with caution
6 Steps to Customize Cyber and E&O Insurance Contracts
The non-standardized nature of cyber and E&O policy wording creates the opportunity to mold an individually tailored and responsive risk transfer tool
Cyber Security Global Trends: Insurance & Risk Mitigation Best Practice
Improvements in cyber security and business continuity are helping to combat encryption-based ransomware attacks, yet the cyber threat landscape is evolving
Cybersecurity Spending Trends. Cyber Insurance Premiums Risen Exponentially
Spending on cyber risk has risen fast and attention paid to the issue by top management has markedly increased. But the news is not all good
Global Cyber Risk Trends and Insurance Survey
The cyber insurance market reached a record size last year. Cyberattacks and the volume of compromised digital assets increased simultaneously
Lloyd’s Systemic Cyber Risk Scenario: Potential Global Economic Losses of $3.5trn
Lloyd’s published a systemic risk scenario that models the global economic impact of a hypothetical but plausible cyber attack on a major financial services payments system
Challenges for Cyber Insurance Market’s Growth Potential
The realisation of the cyber market’s growth potential is tied to geopolitics and macroeconomics, but also sme penetration, tail-risk management
Cyber Insurance Market Dynamics Changed Significantly
Cyber insurance dynamics have shifted significantly over the last 12 months. After a period of upheaval – characterised by a rapidly deteriorating loss environment
Marine mutual insurers and P&I Clubs are planning rate hikes for 2025, driven by rising claims and inflation pressures. Marine mutuals are under growing pressure
Hurricane Helene’s recent destruction underscores the rising flood risk impacting local economies and tax bases in the Eastern and Southern United States
Changes to reinsurance-related capital requirements proposed by the Australian Prudential Regulation Authority strengthen Australian general insurers’ credit profiles
European insurers' ratings will remain unaffected by the proposed capital surcharges on fossil fuel-related assets, according to EIOPA