The insurance industry alone cannot tackle cyber risk and the pooling mechanisms used to cover other systemic risks will offer only a partial solution for it.
UK businesses are more at risk from cyber attacks because of challenges posed by large-scale remote working and poor training.
The IRDAI has formed a working group to look into introducing a standard cyber liability insurance plan, following in the wake of standard health and life insurance policies.
Lloyd's of London has published a new report to help city administrators and risk managers, as well as Lloyd's market insurers and brokers, understand the risks that will influence the design and function of cities in the coming decades.
Unemployment is the main concern for business executives globally, followed by infectious diseases that jumped 28 spots to emerge as the second-most recurring risk, according to the World Economic Forum's (WEF) interactive map on 'Regional Risks for Doing Business 2020'.
Beazley Insurance has launched a cyber and breach portal containing an all-encompassing set of resources designed to help broker partners and policyholders stay informed and educated about the constantly evolving cyber risk landscape.
For almost 60% of mid-sized businesses, crisis management remains a top unmet need in terms of reducing risk exposure. More than a third of the businesses participating in a new study, feel that the rising insurance protection rates further compound their problems.
Changes in the way businesses operate during the pandemic is increasing their cyber risks. New research conducted by risk management specialist company Gallagher has found that over half (54%) of executives interviewed said their organisation had been subject to an increased number of cyber attacks as a result of COVID-19. Around a third (30%) said that cyber crime has now become one of their biggest concerns.
There have been significant increases in ransomware threat frequency within the past three months. The daily average of ransomware attacks jumped 50% in last three months, compared to the first half of 2020. Further, the percentage of healthcare organisations impacted by ransomware globally have nearly doubled, making it the most attacked sector in the US.
Global insurance industry leaders feel that world's dependence on online technology has grown to an extent where it may surpass the global insurance industry's capacity to fully protect it. A public-private partnership (PPP) might, therefore, be necessary to manage the world's largest cyber aggregation events.