Ransomware has been top of the list for a few years, Allianz suggests that it is expected to cause $30Bn in damages in 2023.

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Ransomware has been top of the list for a few years, Allianz suggests that it is expected to cause $30Bn in damages in 2023. I’d suggest that this figure is light, given the impact of Not Petya in 2017 was estimated at $10bn. What is more concerning is that ransomware accounted for well over 50% of all cyber claims in 2020 and 2021.

So the pressing question I have is this, ‘what tangible is going to be done to address the risk?’ Cyber risk management is complex, it is being regulated, insurers are bringing in exclusion clauses and +95% of organisations find it difficult or impossible to manage the risk. Data is the only way that both cyber security risks can be managed and cyber insurance can be effective.

Cyber insurance cannot be seen as the only tool to transfer risk, ownership and responsibility has to be held with the risk owner. But the risk owner needs help so what is being done by insurers to provide help?

Ted Dziekanowski Gerry Kennedy

#cybersecurity #cyberriskmanagement #cyberinsurance #theaugustagroup

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