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A great report from Munich Re that should be read. One is always intrigued when one hears that the cyber insurance market is maturing? Especially when the statement is followed by ‘yet a significant proportion of cyber risks remain uninsured’. What does one mean by maturing? Maturing can be interpreted in many ways, the Munich Re report makes an interesting read.
The report provides some interesting figures, annual ransom crypto payment spiked from US$567m in 2022 to US$1.1bn in 2023; in 2023, the software supply chain cost businesses US$45.8bn to address 245,000 supply chain incidents (Juniper Research); data breaches remained at a high level, with the average cost of a breach reaching an all-time high of US$4.45 million (IBM).
2024 will see AI taking a prominent position in cyberattacks, creating automated attacks that will be cheaper to deploy and harder to defend against and given the poor levels of cyber maturity and view that AI be able to manage cybersecurity; Nation State cyber attacks will rise in frequency as we head through a year of elections in the U.S, EU and further afield; cyber risks travel up and down supply chains and effect big and small companies alike, many of which do not have the basic cybersecurity practices in place to manage cyber risk, or cyber insurance.
Cyber risk continues to increase, as organisations come to terms with the management of cyber across an increasing digital foot print of IT, OT and cloud environments (and will continue until, risk transfer is managed by boards and insurers).
All these factors create challenges for the cyber insurance industry. Challenges that one believes do the opposite of creating a maturing cyber insurance industry. Unless of course we mean by maturing, the cyber insurance industry comes to terms with the existential risk that cyber insurance alone cannot manage.
@Thaddeus Dziekanowski Brian D. McCarthy Munich Re
Veritas GRC
#cybersecurity #cyberriskmanagement #cyberinsurance
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