X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.
“Ultimately cyber insurance is going to demand a level of underwriting precision that is probably higher than any other form of insurance because of the nature of risk,” Seth Rachlin, of Capgemini, said. (Credit: Bronte Wittpenn/Bloomber) “Ultimately cyber insurance is going to demand a level of underwriting precision that is probably higher than any other form of insurance because of the nature of risk,” Seth Rachlin, of Capgemini, said.  (Credit: Bronte Wittpenn/Bloomberg)

The overall damage dealt by the SolarWinds incident is still be determined, but the event could send shockwaves through the cyber insurance market, as it highlights the massive exposures this sector must contend with as hackers revamp their approaches.

Brian Krebs, a well-known security and cybercrimes journalist, noted the SolarWinds incident might have exposed as many as 18,000 customers after installing what they thought were routine software updates. However, hackers injected malware into the update. This gave the malicious actors, who are believed to be Russian-backed, undetected and unfettered access to high-value data.

Steve Hallo

Steve Hallo is an assistant editor with PC360 Group. Prior to his current position, Steve spent nearly a decade covering retail transformation, consumer trends, manufacturing issues and supply chain challenges impacting global CPG markets. He can be reached at [email protected], and on LinkedIn and Twitter.  

More from this author

 

PropertyCasualty360

Join PropertyCasualty360

Don’t miss crucial news and insights you need to make informed decisions for your P&C insurance business. Join PropertyCasualty360.com now!

  • Unlimited access to PropertyCasualty360.com - your roadmap to thriving in a disrupted environment
  • Access to other award-winning ALM websites including BenefitsPRO.com, ThinkAdvisor.com and Law.com
  • Exclusive discounts on PropertyCasualty360, National Underwriter, Claims and ALM events

Already have an account? Sign In Now
Join PropertyCasualty360

Copyright © 2021 ALM Media Properties, LLC. All Rights Reserved.