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Jody Yee discusses some of the main drivers behind the top risks facing the sector from the specter of cybercrime to the acute talent shortage. It is likely that many consider themselves not attractive enough to hackers and that any potential consequences of a security breach would be minor. Captive Insurance Times recently published a feature examining how the evolution of cyber risk has led to more companies considering captives to close coverage gaps left by the expensive commercial market. Read More about An Abridged Look at the Business of eDiscovery: Mergers, Acquisitions, and Investments, Initiated in the winter of 2019 and conducted eight times with 641 individual responses, the semi-annual eDiscovery Pricing Survey provides a mechanism for cyber, data, and legal discovery specialists to share and consider current pricing for selected eDiscovery-centric collection, processing, and review tasks. *Shared with direct express written permission from Munich Re. Find Allianz in your own country/region. Companies increasingly are exposed to large-scale, multi-vector mega attacks using advanced attack tools, often outpacing the maturity level of corporate IT security systems2. Digitalisation in most areas of business and life continues unabated. Baden-Baden Reinsurance Conference in 2018. Here are some examples of vulnerabilities, and how to mitigate them: Here are some examples of localized solutions: Global Cyber Reinsurance Solutions from Munich Re, Cyber Reinsurance Solutions for North America, Cyber Reinsurance Solutions for Asia Pacific, Cyber Reinsurance Solutions for Germany, Austria and Switzerland, Cyber Solutions for Facultative & Corporate Clients, Cyber Insurance Solutions for North America Overview, HSB Cyber Solutions for small to mid-sized enterprises, Munich Re Syndicate Cyber Solutions for industry clients, Head of Cyber Centre of Excellence, Global and North American Reinsurance Clients, Vice President, Global Product Owner - Cyber & Privacy Insurance, Hartford Steam Boiler, Munich Re Global Cyber Risk and Insurance Survey 2022, Munich Re Global Cyber Risk and Insurance Survey, A False Sense of Security: Common myths in Ransomware mitigation, Silent Cyber a journey shared across industry participants, Cyber policies: More than just risk transfer. It has nominated AGCS to establish a Center of Competence for Cyber for the entire company. An important part of preparedness is the understanding of risk and the potential impact of that risk. The company operates virtually worldwide to deliver marketing consulting and services. 07337195 On a global level, attacks such as online fraud, ransomware and data theft increased year-on-year as our data shows. As these incidents demonstrate, cyber loss events can impact multiple lines of business beyond specialist cyber cover such as property, business interruption (BI), errors and omissions (E&O) or kidnap and ransom (K&R). Ukraine Conflict Assessments in Maps (July 19 23, 2022), Beyond the Pause? I would expect 2019 to be definitely noisier around silent cyber exposures, Donavan says. security vulnerabilities and cyber-attacks are also on the rise. Captive Insurance Times recently published a feature examining how the evolution of cyber risk has led to more companies considering captives to close coverage gaps left by the expensive commercial market. Focused primarily on supporting the ComplexDiscovery publication, the company is registered as a private limited company in the European Union country of Estonia, one of the most digitally advanced countries in the world. Clear definitions of when cyber risks are covered under traditional policies, as well as for which scenarios a dedicated cyber insurance solution is required, will be written-in. The situation is no different in private life. Editors Note: From time to time, ComplexDiscovery highlights publicly available or privately purchasable announcements, content updates, and research from cyber, data, and legal discovery providers, research organizations, and ComplexDiscovery community members. With this understanding in mind, Munich Re, one of the worlds leading risk managers, commissioned a survey by the global market research company, Statista, to better comprehend the challenge of cyber risk and the increasing role of cyber insurance in risk mitigation. This is uncharted territory. Currently, 35% of the decision-makers surveyed are also considering taking out cyber insurance as an essential part of their risk management. Cost of a Data Breach Hits Record High According to New IBM Report, Safeguarding ePHI? While ComplexDiscovery regularly highlights this information, it does not assume any responsibility for content assertions. Reinsurers have increasingly put silent cyber on the agenda, as well. Making up the majority of the market spending in dollars, eDiscovery services spending is expected to grow at a CAGR of 5.93% to $11.71B in 2026. Website Privacy & Cookies and Disclaimer. A Running Listing of eDiscovery Events in 2022, Anticipating Digital Disruption? The industry has to get a grip on these challenges in one way or another and we are expected to provide attractive solutions around cyber as todays key business risk., 1. 2010-2022 Black Knight Media Ltd. All rights reserved. Registered in England No.07191464. The need for action is clear. Although recognising pricing challenges, such as a lack of historical data and inconsistent attack reporting obligations, the report underlines the importance of leveraging any available data to reshape cyber risk assessment and better explain the modelling of cyber risks to insureds. Pharmaceutical giant, Merck, by far the most severely hit, is reportedly receiving about $2bn in cyber insurance coverage; losses for shipping giant, Maersk, exceeded $300mn1. The survey was conducted among more than 7,000 participants from 14 countries. The new strategy helps Allianz better measure its cyber exposure and effectively respond to regulators and rating agencies by effectively managing cyber underwriting risks. Fire and explosion, Shortage of skilled workforce, Market developments and Macroeconomic Considering Privacy and Data Protection Rights (CCDCOE), Post-Pandemic Depression? 31 May 2022 Read More about The eDisclosure Systems Buyers Guide 2022 Edition (Andrew Haslam), From LexisNexis to Nextpoint and from acquisitions to investments, the abridged listing of eDiscovery merger, acquisition, and investment (M&A+I) events seeks to consolidate and highlight key eDiscovery-related investment events and corresponding event dates, company involvement, and known event investment amounts. However, Munich Res survey also found that the insurance industry is lacking in promoting awareness about the security solutions and protection available; 33 per cent say they have never been offered cyber insurance by their insurer, while 20 per cent actively decided against cyber insurance or did not consider insurance protection at all. Here, the discrepancy between risk awareness and underinsurance is even higher. One thing is clear: Digital disruption is progressing on a global level and associated dependencies are advancing enormously and they make no allowance for those who are not sufficiently prepared. ComplexDiscovery is an online publication that highlights cyber, data, and legal discovery insight and intelligence ranging from original research to aggregated news for use by cybersecurity, information governance, and eDiscovery professionals. **, More than one quarter of survey respondents were unaware of what cyber protection offers.**. Overall, the responses to the comprehensive questionnaire in our survey underscore the need for the global insurance industry to increase efforts to make cyber risks more visible, conditions more understandable, and products easier to assess. Looking at the surveys results regionally, India, China and South Africa rank among the top three most affected countries overall. [online] Munich: Munich Re. 2021 eDiscovery Processing Task, Spend, and Cost Data Points, The Year in Review? property offers a dedicated cyber BI extension). Munich Re noted that all the companies that were surveyed are focusing strongly on new, smart technologies. Willis Towers Watsons 2018 Silent Cyber Outlook Survey highlights growing concerns about silent cyber exposures. Were discussing the burning issues and emerging exposures in global risk management, designed to help you navigate through eventful times. However, even in more mature cyber markets like the US, too many respondents have still had no contact with an insurance provider to inform themselves about security solutions and insurance protection against digital threats and potential cyber incidents. The list of technological drivers is headed by 5G, cloud services, artificial intelligence, and data analytics. However, with regard to ransomware attacks, 98% of C-level respondents said the attack had an impact on day-to-day operations in 42% of cases, the incident had an immediate impact, and in 27%, an even worse severe immediate impact on day-to-day business. All content copyright Steve Evans Ltd. 2021 All rights reserved. Group-wide, Allianz is reviewing cyber risks in P/C policies in commercial, corporate and specialty insurance segments and has developed a new underwriting strategy to address silent cyber exposures, ensuring that all P/C policies will be updated and clarified in regard to cyber risks. Adding further to this, results also showed that 35 % of C-level participants are considering cyber insurance for their company, therefore showing significant business potential for the insurance industry. An Aggregate Overview of Eight Semi-Annual eDiscovery Pricing Surveys, about Moving Forward? Respondents say the main challenges in improving cyber resilience in their company include low security awareness among employees, lack of skilled personnel, poor interoperability of security solutions, and a lack of collaboration between individual departments. Read this article in Global Risk Dialogue. HaystackID Launches New Global Advisory Offering, Consumers Paying the Price? Financial supervision increasingly warns of significant silent cyber risk in insurers portfolios. Global conglomerates like Merck and Maersk suffered severe disruption of their systems and businesses during that attack. Cyber-related pure financial losses without physical damage or injury, however, will be covered in affirmative cyber insurance solutions only (see below). And all companies surveyed are focusing more strongly on new, smart technologies. 6Si`Wt Yp&[Zz2 g66*::0H Despite possessing the highest prevention capabilities and IT budgets, 60 per cent of large corporations (organisations with more than $5 billion in sales) were heavily affected by ransomware or a cyberattack causing fraud or breach of data. Munich Re Global Cyber Risk and Insurance Survey 2022. Another silent risk might include a hacker creating significant disruption by opening the floodgates at a hydroelectric dam, likely causing significant downstream flood damage4 and potentially triggering property policies. AGCS offers Financial Lines solutions that provide customers with the confidence they need to make informed decisions, in an ever evolving risk landscape. According to US claims analyst, PCS, nearly 90% of the total industry loss of Petya and NotPetya was attributed to so-called silent cyber exposures, which are potential cyber-related losses stemming from traditional property and liability policies not specifically designed to cover cyber risks. H;p 25&0borgZqA)I`.0aHkN-hU M"00J0``l`4`ag!FcBs&PpqzKE. According to the survey, interest in cyber insurance is cross-sectoral. There is no one-size-fits-all approach, says Marek Stanislawski, Deputy Global Head of Cyber, AGCS. Reporter Rebecca Delaney. No reproduction without prior authorisation. US Ukraine Conflict Assessments in Maps (July 24 28, 2022), Port Support? Watch our video highlighting the most important global business risks for 2022 and beyond. Cyber risk hits the top spot, with a series of ransomware attacks, combined with problems caused by accelerating digitalization and remote working. Ukraine Conflict Assessments in Maps (July 9 13, 2022). With these efforts, Allianz aims to be able to better manage the cyber aggregation risk in its P/C portfolios and make adequate capital provisions to deal with large-scale cyber loss scenarios that could potentially affect multiple policyholders at the same time. Get to know our Group companies, branches and subsidiaries worldwide. Complete Report: Munich Re Global Risk and Insurance Survey 2022 (PDF) Mouseover to Scroll. While global digital connectedness promises amazing things, the threat of cybercrime can make it feel like you are charging forward without a guide. The survey report estimates that global cyber insurance premiums stood at US$9.2 billion at the beginning of 2022, with projections to reach approximately $22 billion by 2025. Using Social Network Analysis for Cyber Threat Intelligence (CCDCOE), Mapping Threats? Ukraine Conflict Assessments in Maps (July 14 18, 2022), Volunteer Mobilization? AGCS policyholders will choose among several options to tailor cyber risk coverage to their individual needs and risk profiles ranging from now-affirmative coverage in a traditional P/C policy to an endorsement embedded into a traditional policy to a specialist cyber insurance policy. Although awareness among surveyed managers, beyond incidents they themselves experienced, has risen by nearly 10% since our global survey in 2021, the perception of the threat landscape and what needs to be done to properly address it still varies greatly by country. This high number comes as a surprise in light of the fact that business models increasingly rely on digitalisation and that awareness of associated threats is high. Our experts hosted a webinar, examining trends and developments in cyber space, risk challenges and measures to prevent an attack. It is quite simply the best buyers guide available. Cyber incidents can trigger not only extensive financial or disruptive losses but, potentially, physical damage, BI, product recall, bodily injury or even have caused life-threatening consequences. In the survey, Munich Re stated that this high number comes as a surprise in light of the fact that business models increasingly rely on digitalisation and that awareness of associated threats is high. Globally, a massive 83 per cent of C-level respondents say their own organisation is not adequately protected against cyber threats. The 2017 WannaCry and NotPetya attacks highlighted the risks and potential damage across all business areas causing significant concern around cyber risks in traditional property-casualty (P/C) policies, says Emy Donavan, Global Head of Cyber and Tech PI, AGCS. In line with these developments, security vulnerabilities and cyber-attacks are also on the rise. The insurance industry has yet to be commonly perceived as part of the solution. AGCS has already implemented the strategy for new business and will do so for renewal business, subject to regulatory and filing requirements in certain jurisdictions, in April. Munich Re Board Member, Doris Hoepke, says: Insurers have to address silent cyber exposures in their traditional policies[5]. New Report Shows Corporate Legal Provider Counts Remain Low, Time for an Expert? Brazil came in second at 89%, followed by Spain at 85%, and South Africa at 83%. Learn how Munich Re's cyber solutions help you confidently forge ahead. Initiated in December 2021, analyzed by Munich Re experts in January and February 2022, and published in May 2022, the survey may be beneficial for cybersecurity, information governance, and legal discovery professionals operating in the eDiscovery ecosystem and seeking to better understand cyber risks and remedies. One thing is clear: Digital disruption is progressing on a global level and associated dependencies are advancing enormously and they make no allowance for those who are not sufficiently prepared. Allianz operates as an international insurer on almost every continent. The UKs Prudential Regulatory Authority urged insurers and brokers in 2017 to address cyber risks, so the move is on by regulators globally to raise awareness on a general scale. Registered office: 18-24 Brighton Road, Croydon, Surrey, United Kingdom, CR2 6AA. The topic is also increasingly on brokers agendas. In 2017, large cyber-attacks like Petya and NotPetya or WannaCry caused significant losses for businesses insured losses for the former are estimated to be $3.3bn. Reach the largest reinsurance audience. developments: Risks ranked 7-10 in this year's Risk Barometer. In this role she will succeed and also subsequently report to Shanil Williams. To submit recommendations for consideration and inclusion in ComplexDiscoverys cyber, data, and legal discovery-centric service, product, or research announcements,contact us today. The new strategy also responds to growing concern from regulators and rating agencies about cyber exposures in insurers portfolios. Only 12% of C-Level participants surveyed do not consider digital trends in 5G, cloud services, AI and data analytics relevant to their businesses. Adequate risk management is a prerequisite for cyber insurance and poses major challenges for all stakeholders. If unclarified, cyber exposures will be specified in policy wordings. The Munich Re Global Cyber Risk and Insurance Survey 2022, Complete Report: Munich Re Global Risk and Insurance Survey 2022 (PDF) , MunichRe Global Cyber Risk and Insurance Survey 2022, https://www.munichre.com/landingpage/en/global-cyber-risk-and-insurance-survey-2022.html, [Annual Update] International Cyber Law in Practice: Interactive Toolkit, Defining Cyber Discovery? The survey, Munich Re Global Cyber Risk and Insurance Survey 2022, was conducted globally and had more than 7,000 respondents from 14 countries. But you're not. ComplexDiscovery O is a technology marketing firm providing strategic planning and tactical execution expertise in support of cyber, data, and legal discovery organizations. The report says: The business potential for the insurance industry remains extremely high in the cyber line of business. Highly IT-oriented countries like India and China, as well as South Africa and Brazil lead the list of nations that see the biggest potential in digitalisation. For the latter, 29 per cent of respondents said this was because the price of coverage was too high. Besides cyber-crime, often it is technical failure, IT glitches or human failure which cause massive system outages or data losses. We also publish Artemis.bm, the leading publisher of news, data and insight for the catastrophe bond, insurance-linked securities, reinsurance convergence, longevity risk transfer and weather risk management sectors.. Weve published and operated Artemis since its launch 20 years ago and have a readership of around 60,000 every month. Meanwhile, on a positive note, compared to the previous years survey, the availability of cyber insurance appears to have gained further traction, as there has been a 21% increase in the number of companies that have already taken out cyber insurance. about An eDiscovery Market Size Mashup: 2021-2026 Worldwide Software and Services Overview, about The eDisclosure Systems Buyers Guide 2022 Edition (Andrew Haslam), about An Abridged Look at the Business of eDiscovery: Mergers, Acquisitions, and Investments, about Inflection or Deflection? We offer primary insurers and corporates long-standing expertise, sophisticated solutions, and adequate coverage. On a global level, attacks such as online fraud, ransomware and data theft increased year-on-year as our data shows. Available at: [Accessed 2 June 2022]. Aug 17: Join our webinar on claims trends, Multinational: New set up and investments, Watch the replay of the Safety & Shipping webinar, Global Risk Dialogue - Spring/Summer 2022, "Allianz Talks" podcast series live at RIMS 2022, Sustainable growth in the construction industry, Risks associated with gaps in cyber policies, Global Industry Solution for Construction, Global Industry Solution for Financial Services, Technology, Media & Telecommunications Insurance, Allianz Global Corporate & Specialty | Business insurer, So-called silent" cyber exposures in traditional P/C policies create uncertainty for clients, brokers and insurers, The nature of cyber risk is ever-evolving with hacker attacks becoming more sophisticated, targeted and far-reaching, Most traditional policies were designed when cyber wasnt a major risk and dont explicitly mention or even consider cyber risk, Full transparency, clarity and certainty of cyber risk coverage for customers and brokers, Increased speed of claims settlement in the event of a due to cyber coverage certainty, Updated policies designed for the new generation of cyber risks, Custom solutions for cyber risk coverage: From embedded cyber cover in traditional P/C products to standalone cyber insurance, Elimination of unknown overlaps in various coverages and gaps for policyholders, Dedicated cyber expertise in the new Center of Competence for Cyber. Cyber risks: Are you ready for an attack? For the first time in the eight-year survey, cyber incidents is the top global risk in the Allianz Risk Barometer 2019, tied with BI. Most traditional policies were designed when cyber hadnt yet emerged as a major risk and dont even explicitly mention or consider cyber risk, Donavan explains. The nature of cyber risk is evolving rapidly and constantly with hacker attacks becoming more sophisticated, targeted and far-reaching, Donavan says. 83% of surveyed representatives said that their own company is not adequately protected against digital threats. Silent cyber scenarios could include a hacker attack on a transit system causing a train derailment or a malware-infected, GPS-linked navigation system incorrectly guiding a ship3. Such silent, or non-affirmative, cyber exposures lead to inadequate protection of customers with a lack of certainty and transparency for all parties involved customers, brokers and insurers. Read the full press release. On a global level, data from the survey shows that attacks in ransomware, data breach and online fraud have increased year-on-year. A Cybersecurity Threat Landscape Framework from ENISA, Live with Leeds? Other Allianz P/C companies will apply the strategy by January 1, 2020, latest. Get reinsurance news by email here. The highly targeted publication seeks to increase the collective understanding of readers regarding cyber, data, and legal discovery information and issues and to provide an objective resource for considering trends, technologies, and services related to electronically stored information. Aons reinsurance division has announced a silent cyber facility, while catastrophe modeling firm, AIR Worldwide, collaborated with reinsurance broker, Capsicum Re, to identify which non-cyber lines of business are exposed to cyber-related losses. According to a recent update from the Institute for the Study And all companies surveyed are focusing more strongly on new, smart technologies. Russias war in Ukraine continues unabated, and the potential impact on the insurance industry is increasingly coming into question. Today ComplexDiscovery shares the aggregate results of the eight eDiscovery pricing surveys administered between the winter of 2019 and the summer of 2022. [M] Munich Re / [P] Stanislaw Pytel / Getty Images, American Alternative Insurance Corporation (AAIC), HSB - The Hartford Steam Boiler Inspection and Insurance Company, Munich Re Asia Pacific Life and Health (APAC), Munich Re Life US - Munich American Reassurance Company, Inc. Munich Re Underwriting Agents (DIFC) Ltd. Munich Re US - Munich Reinsurance America, Inc, Munich Reinsurance Company of Africa Limited (MRoA), Munich Reinsurance Company of Australasia, Munich Holdings of Australasia Pty Limited (MHA), The Princeton Excess and Surplus Lines Insurance Company (PESLIC), https://cybersecurityventures.com/cybercrime-damages-6-trillion-by-2021/, Cyber insurance: Risks and trends 2021 (TOPICS Online). Or find and follow Reinsurance News on social media. Creative Commons Attribution 4.0 International License. Clear portfolio monitoring and exposure management for Allianz, allowing effective use of underwriting capacity and optimal capital management. Evaluating cyber risk?