Here we showcase the recent stories that GC Capital Ideas has presented on cyber risks. Particular topics of focus include the intersection of COVID-19 and cyber risk and what is driving cyber (re)insurance sales.
Cyber Risk Outlooks for 2020 and Beyond: Much transpired in the cyber space in 2019 – record General Data Protection Regulation (GDPR) fines, the introduction of new privacy regulations, systemic ransomware claims, debate around the war exclusion and increasing concern surrounding non-affirmative cyber in the underwriting community. Looking toward the remainder of 2020, Guy Carpenter sees a number of emerging trends that present both potential challenges and opportunities for our clients.
COVID-19 – Next Steps for Your Cyber Insurance: Organizations face increased cyber challenges as COVID-19 continues to spread, with core activities often disrupted or needing to be adapted. A new briefing from Guy Carpenter-affiliate Marsh outlines how, as organizations respond to urgent and changing business needs, it is vital that they continue to make cybersecurity a priority. One aspect of this is understanding the pandemic’s implications for cyber insurance.
Cybersecurity After COVID-19 – 10 Ways to Protect Your Business and Refocus on Resilience: In the wake of the COVID-19 pandemic and the resultant implementation of social distancing directives, altered business processes and new economic realities, businesses must review and address their technology infrastructure and cybersecurity measures, according to Guy Carpenter-affiliate Marsh. The swift changes brought about by COVID-19 — including the movement of a large portion of the workforce to telework and the expansion of e-commerce footprints — has caused many companies to implement new IT capabilities ad hoc. Some provisional solutions have bypassed normal development, approval and deployment processes, which have often stretched or violated existing cybersecurity policies at the same time that the activity of bad actors has increased globally.
