The similarities between a pandemic and a cyber attack should have all insurers reconsidering their stress scenarios. Key cyber risk concerns can be divided broadly into three categories, those related to silent cyber (non-cyber insurance policies that are liable for a cyber loss), claims trends and the effects of COVID-19. ... Continue Reading »
Search Results for: cyber
Chart: Strong Growth in Cyber Premium Volume
The following chart, generated from A.M. Best data and research, shows the strong growth in premium volume for the property and casualty (P&C) industry cyber security segment. ... Continue Reading »
Recent GC Capital Ideas Posts on Cyber
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. ... Continue Reading »
Video: Cyber Underwriters Avoid COVID-19 Exclusions Even as Ransomware Concerns Soar
As we all move to working from home and remote locations, the increased risk of cyber attacks has become more prevalent. COVID-19 has presented an opportunity for rogue actors to attack vulnerable companies and indeed individuals. For some, working from home can mean more lax security. This has resulted in the cyber underwriting fraternity asking more questions around COVID-19, ... Continue Reading »
Why 2020 Has Made the Ever-Evolving Cyber Landscape Even More Dynamic: Part IV
To address the challenges surrounding silent cyber, (re)insurers require an effective means of qualifying and quantifying the risk of silent cyber across entire portfolios, according to Guy Carpenter colleagues Will Garland, President, Centers of Excellence, and Erica Davis, North America Cyber Center of Excellence Leader, Guy Carpenter. ... Continue Reading »
Why 2020 Has Made the Ever-Evolving Cyber Landscape Even More Dynamic: Part III
The business community is evaluating risk through a transformed lens, in light of COVID-19. The (re)insurance sector is also identifying the lessons learned about unforeseen aggregated exposure. The systemic nature of both affirmative and silent cyber risk has long been one of its most defining, and challenging, characteristics, according to Guy Carpenter colleagues Will ... Continue Reading »
Why 2020 Has Made the Ever-Evolving Cyber Landscape Even More Dynamic: Part II
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, according to Guy Carpenter colleagues Will ... Continue Reading »
Why 2020 Has Made the Ever-Evolving Cyber Landscape Even More Dynamic: Part I
The insurability of systemic cyber risk will be one of the defining issues of the next decade for the (re)insurance sector. Rapid technological changes and digitalization in particular have already transformed the characteristics of risks assumed by the (re)insurance market. As companies depend more on technology to conduct business, they are also increasingly subject to ... Continue Reading »
The Intersection of Pandemic and Cyber Risk on GC Capital Ideas
The cyber risk space is constantly evolving, and the ongoing pandemic situation has only exacerbated technology-related concerns for many companies. Looking toward the remainder of 2020 and beyond, Guy Carpenter sees a number of emerging trends that present both potential challenges and opportunities for our clients, particularly as they relate to COVID-19. See below for recent ... Continue Reading »
Marsh & McLennan Cyber Handbook 2021
Businesses continue to embrace technological innovation despite the fact that doing so may lead to the emergence of new and unforeseen risks. As cyber risk is one of the most swiftly evolving perils in the reinsurance industry, carriers should carefully manage the exposures – and not only for competitive advantage. As regulators formalize capital requirements and qualitative m ... Continue Reading »
