Cyber risk is getting personal

A new type of attack is credential-stuffing, where hackers take a stolen user name and password and run it through different sites to see if they can access information from other sources. (Photo: Shutterstock)

The cybersecurity landscape isn’t necessarily getting worse, but it is definitely changing. Ten years ago, insurers highlighted hypothetical scenarios to generate coverage options for policyholders, explains Graeme Newman, chief innovation officer at London-based CFC Underwriting. Five years ago, there were significant retail breaches and credit card security improved with point-to-point and end-to-end encryption. Now there are more data breaches and cyber hacks.

“The propensity for claims has more than doubled in the last two years,” says Newman. “Are they becoming more prevalent or are clients more aware that it’s an issue? It’s a combination of both. We’re seeing more incidents and they are easier to commit than ever before.”