Close to half (43%) of Singapore IT leaders say they are not 'fully confident' in their ability to respond to data, malware phishing, supply chain, ransomware, cloud, IoT and application attacks.
The industry must continue its efforts to address cyber risk better said AIG president and CEO Peter Zaffino, during an Aon fireside chat.
Speakers at the Annual Insurance Summit organised by the National Insurance Academy recently emphasised the need for collaboration between different stakeholders to bridge the insurance protection gap in the country.
Digital transformation and technology rank as the biggest concern for global banks and insurers in the 2021 operational risk scenarios report published by ORX, the world's largest operational risk association.
A new report by Allianz Global Corporate & Specialty (AGCS) identified five trends in the ransomware space, although these are constantly evolving and can quickly change in the 'cat and mouse' race between cyber criminals and companies.
A majority of companies don't have a handle on their third-party cyber risks - risks obscured by the complexity of their business relationships and vendor/supplier networks according to PwC 2022 Global Digital Trust Insights Survey.
Cyber insurance has been profitable for US property and casualty (P&C) insurers for several years but recent growing losses tied to network intrusions, phishing incidents and denials of service will likely increase claims volume and average cost per claim going forward according to a recent report by Fitch Ratings.
Most organisations (85%) are more concerned about ransomware than other cyber threats according to Fortinet 2021 Global State of Ransomware report released in September 2021.
Satellites are the backbone of our daily lives and this makes them an increasingly attractive target for cyber hackers, according to Hiscox Global Insights.
Over 59% of 1200 US business leaders say they worry some or a great deal about cyber threats as compared to medical cost inflation (53%) and increasing employee benefit costs (53%) according to 2021 Travelers Risk Index.