04 September 2023, LONDON — Nation-state cyber threat activity will push the boundaries of war exclusion language, warns leading cyber risk analytics specialist CyberCube.
In a new report examining selected nation-state cyber hot zones to gain insight into the potential cyber (re)insurance impacts of future cyber wars, CyberCube monitors these hot zones for evidence of cyber attacks bridging the divide between digital and physical impacts. It analyzes state-nexus cyber threat actors in Russia/Ukraine, China/Taiwan, Iran/Israel, and North Korea/South Korea. (Re)insurers can model realistic cyber disasters considering recent state-nexus cyber activities using CyberCube’s Portfolio Manager software solution.
William Altman, Cyber Threat Intelligence Principal, CyberCube, said: “Nation-state cyber hot zones offer a glimpse into the potential future of cyber war. In Q4 2023, CyberCube expects to see nation-state cyber threat actors conduct themselves in ways that push the cyber (re)insurance industry to deeply consider the limitations and strengths of current war-exclusion language deeply.”
The research “CyberCube’s Global Threat Outlook: A perspective on the threat landscape for Q4 2023” also highlights how the combination of CyberCube’s Exposure and Security Scores paints a clear picture of industry-level differentiated cyber risk opportunities. The highest-risk sectors to keep an eye on in Q4 include Professional Services and Healthcare, which are both under-secured relative to the threats they face and make attractive targets, with high levels of sensitive data — leaving companies vulnerable to ransomware and extortion tactics.
The report notes that while there has been substantial progress and momentum achieved this year, including, in March, Lloyd’s of London rolling out an exclusion for cyber war and severe state-backed attacks, the reinsurance market is yet to settle on a consistent approach that is acceptable to all stakeholders.
Yvette Essen, CyberCube’s Head of Content, Communications & Creative, said: “The approaches currently being adopted carry significant uncertainty, mainly due to the complexities surrounding the attribution of cyber incidents and the scarcity of historical parallels. By striving for consistency and clarity, we can bolster confidence in the cyber reinsurance sector, shielding it from the impact of outlier events, while reinforcing the overall value of cyber insurance products.”
A copy of the report can be found here — “CyberCube’s Global Threat Outlook: A perspective on the threat landscape for Q4 2023”.
CyberCube delivers the world’s leading cyber risk analytics for the insurance industry. With best-in-class data access and advanced multi-disciplinary analytics, the company’s cloud-based platform helps insurance organizations quantify cyber risk to facilitate placing insurance, underwriting cyber risk and managing cyber risk aggregation. CyberCube’s enterprise intelligence layer provides insights on millions of companies globally and includes modeling on thousands of points of technology failure.
The CyberCube platform was established in 2015 within Symantec and now operates as a standalone company exclusively focused on the insurance industry, with access to an unparalleled ecosystem of data partners. It is backed by Morgan Stanley Tactical Value, Forgepoint Capital, HSCM Bermuda, MTech Capital, individuals from Stone Point Capital and Scott G. Stephenson. For more information, please visit www.cybcube.com or email email@example.com.
For press queries contact:
Yvette Essen, Head of Content, Communications & Creative, firstname.lastname@example.org
If you're looking for more information on CyberCube or on how to collaborate with us, feel free to get in touch with me directly.
I'd be happy to help!