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Cyber risk is a growing concern for businesses, insurers and reinsurers. Cyber risk is a growing concern for businesses, insurers and reinsurers. (ALM Media archives)

The world of cyber presents an ever evolving risk environment in which attacks can have a global effect on millions of businesses, incurring high severity and high frequency losses.

Two well known recent examples are Wannacry and NotPeyta where each attack affected millions worldwide and caused loss estimations of hundreds of millions of dollars.

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