Resources

The cyber threat landscape is constantly changing, which is why it's vital for (re)insurers to stay ahead of cyber trends. In our Cyber Predictions 2022 report, we hear about the trends that experts in the industry think (re)insurers need to be paying attention to over the next year.

Spotlight on Cyber: A study of aggregation risk in the US property insurance market aims to quantify the cyber exposures accumulating in the US property market and calls for further clarification of cyber cover in commercial property policies, explicit underwriting and adequate pricing of the risks associated with cyber events in property policies.

The goal of this study is to provide insight into the relationships between a selected set of cyber risk signals and their relationship to cyber incidents. We focus on establishing the value of individual risk signals in isolation and not in aggregate. This paper aims to establish which cyber signals are meaningful, as well as quantify the relative value of each risk signal.

The report identifies growing similarities between cyber ransomware attacks and the kidnap trade. Among these is the rise of so-called cyber cartels – gangs of cyber criminals organised along the lines of drug cartels. These cartels are changing the ‘rules’ of ransomware to keep ahead of the authorities’ efforts to thwart their activities.

With major attacks such as Microsoft Exchange, Blackbaud and SolarWinds making headlines over the past year, CyberCube analyses how supply chain cyber risk has shifted from an identified risk area to become a key topic of interest in the security and insurance industries.

CyberCube analyses the threat for the insurance industry from recent cyber attacks by criminals on the servers running Microsoft’s best-selling email services.

A Lloyd’s, Guy Carpenter and CyberCube Analytics collaboration provides an original analysis of potential cyber attack pathways to an industrial target. Cyber risk is continually evolving, meaning insurers should understand emerging risks in order to keep pace with their clients' exposures.

Darren Thomson, Head of Cyber Security Strategy at CyberCube, depicts the social engineering trend used by cyber criminals, bringing their techniques to new levels in terms of both scale and sophistication.

The impact of the COVID-19 pandemic has dramatically influenced every aspect of how we live, work and think about systemic risk. Cyber risk models aim to understand and articulate the systemic risk potential arising from the increasingly hyper-connected technological world in which we operate both in our economy and wider society. Oliver Brew, Head of Client Success, examines the lessons that can be learnt and applied to cyber risk modeling from understanding how pandemic models have evolved.

What are the changes to our digital landscape that have been encouraged by the COVID-19 pandemic and subsequent social distancing measures?

The digital transformation of the last several decades has changed our lives in such numerous and powerful ways that it has been termed the Information Revolution, following the Industrial Revolution as the most recent impactful shift in the way humans live and interact with each other.

With the wealth of data available to companies and their insurer partners, there should be enough information to tailor specific insurance cover to any organizations’ needs. However, upon deeper analysis, there are several structural factors across the market that contribute to this inefficiency and under-protection of corporations.

The creation of risk scenarios is one of the most important, complex and (for many) interesting aspects of risk management in the insurance sector...

The ransomware threat has evolved significantly over the past few years, as attackers grow in confidence and explore different approaches...

The cyber insurance market can learn lessons from the experiences of the natural catastrophe insurance industry, although the unique characteristics of cyber risks mean that there are as many differences as there are similarities for this risk compared to natural catastrophe modeling...

The global economy is racing to digitize its service and product offerings and this “Fourth Industrial Revolution” has far-reaching implications for society...

Recent developments in the Middle East and rising political tensions with the US are leading military and cyber experts to speculate on the opening up of a new front in cyber warfare...

For the past 20 years, the capital markets have offered crucial capacity for certain catastrophe-prone perils and regions where traditional insurance and reinsurance capacity has been hard to secure at acceptable terms and conditions...

Against a backdrop of increasing interconnectivity, the need to accurately price cyber risks, understand gross and net exposures, and gain deeper insight to steer underwriting towards better exposure controls and profitability is paramount...

Our digital future will be determined by permutations of technological, political, business, cultural, military and societal developments that will reshape the economy, society and therefore risk management...