Home

Instant Insights / October is National Cybersecurity Awareness Month

The COVID-19 pandemic has revealed new cyber threats. Now's the time for insurance professionals and insureds to reexamine cybersecurity strategies and coverage.

X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.
“We often hear about high profile sophisticated attacks in the media, but as a whole, the majority of ransomware attacks are not targeted, nor are they technically sophisticated,” said Thomas Kang, North American head of cyber, tech and media at Allianz Global Corporate & Specialty(Credit: Bits and Splits/stock.adobe.com) “We often hear about high profile sophisticated attacks in the media, but as a whole, the majority of ransomware attacks are not targeted, nor are they technically sophisticated,” said Thomas Kang, North American head of cyber, tech and media at Allianz Global Corporate & Specialty(Credit: Bits and Splits/stock.adobe.com)

The biggest drivers of cyber losses are business interruption and restoration costs, according to Allianz Global Corporate & Specialty (AGCS), which reported that the two accounted for more than half of the value ($885 million) of nearly 3,000 insurance cyber claims.

The average total cost of recovery and downtime following a cyber incident more than doubled during the past year, growing from $761,106 to $1.85 million. Behind many of these claims are ransomware events, which continue to grow in severity and frequency. AGCS reported several factors are propelling these increases, including:

Want to continue reading?
Become a Free
PropertyCasualty360 Digital Reader.

INCLUDED IN A DIGITAL MEMBERSHIP:

  • All PropertyCasualty360.com news coverage, best practices, and in-depth analysis.
  • Educational webcasts, resources from industry leaders, and informative newsletters.
  • Other award-winning websites including BenefitsPRO.com and ThinkAdvisor.com.

Already have an account?

Steve Hallo

Steve Hallo is managing editor of PropertyCasualty360.com. He can be reached at [email protected].  

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
Live Chat

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