Here we showcase the recent stories that GC Capital Ideas has presented on cyber risks. Particular topics of focus include silent cyber and the intersection of COVID-19 and cyber risk.
Video: Cyber Underwriters Avoid COVID-19 Exclusions Even as Ransomware Concerns Soar: Ransomware has become the most concerning development for insurers and reinsurers over the past 18 months. Small and large companies are becoming more dependent on technology to conduct their businesses and are thus increasingly subject to technology’s unique vulnerabilities. As ransomware demands have grown, insurers and reinsurers are looking at their cyber books and examining a number of ways to deal with these developments, according to Siobhan O’Brien, Head of Guy Carpenter’s International Cyber Center of Excellence.
Why 2020 Has Made the Ever-Evolving Cyber Landscape Even More Dynamic:Increasing reliance on technology makes businesses more vulnerable to risks inside and outside the organization. The resulting inter-connectivity creates a dependency maze across businesses and their business partners. For the (re)insurance industry, this supply chain web fuels severity concerns and the potential for systemic events. All the while, threats to businesses are becoming more advanced and difficult to detect, according to Will Garland, President, Centers of Excellence, Guy Carpenter, and Erica Davis, North America Cyber Center of Excellence Leader, Guy Carpenter.
Marsh & McLennan Cyber Handbook 2021: In the coming year and each subsequent year, the cyber landscape may become more complex. The Marsh & McLennan Cyber Handbook 2021 features the latest perspectives from business leaders across Marsh & McLennan who have deep knowledge of the cyber risk landscape, to help companies better manage their cyber risk.
Chart: Strong Growth in Cyber Premium Volume: The chart in the link below shows the strong growth in premium volume for the property and casualty (P&C) industry cyber security segment.