Ransomware has progressively become a loss trend across the cyber industry, with pricing strategies being recalibrated to account for this growing risk. Guy Carpenter is working closely with our clients to share updates on the threat landscape, deliver cyber industry insights, construct relevant modeling scenarios, and design reinsurance placements to protect these portfolios. The industry is also adopting new risk mitigation, pricing and underwriting tactics in order to course-correct from the impact of this expanding cyber risk.
Recent headlines feature USD 50 million ransom demands and even count insurers among cyber-attack victims suffering business interruption. No matter the size of the organization, current advanced evasion techniques allow cybercriminals to build customized attacks circumventing even the best security controls. Businesses need to pay close attention to the potential impact of ransomware and other increasingly sophisticated forms of cyber-attacks, among which include reputational damage, lost revenue and recovery costs.
At Marsh’s recent webinar, Ali Chaudhry, FINPRO Leader, Asia, Magda Chelly, Head of Cyber Risk Consulting, Asia, and Linden Reko, Regional Cyber & Technical Manager, Asia, decrypted the misconceptions around ransomware and shared effective measures to address this ever-evolving threat to businesses.