Here we showcase the recent stories that GC Capital Ideas has presented on cyber risks.
Cyber Risk: The Emerging Cyber Threat to Industrial Control Systems: As cyber threats continue to evolve and become more sophisticated, it is crucial for insurers to understand these emerging risks in order to keep pace with their clients’ exposures. Designed to aid individual syndicates’ understanding of the impact of emerging cyber risks on their portfolios of business, a new report: The Emerging Cyber Threat to Industrial Control Systems, outlines three scenarios that represent the most plausible routes by which a cyber-attack against industrial control systems (ICS) could generate major insured losses.
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.