- European Parliament votes to adopt an agreement reached between the EU institutions regarding the review of the European system of financial supervision
- S&P reviews European run-off market
- PRA issues Policy Statement on approaches to managing the financial risks from climate change
- Confused.com/Willis Towers Watson latest survey indicates UK comprehensive car insurance premiums down compared with a year ago
- Horwich Farrelly highlights the potential pitfalls for insurance providers focusing too heavily on claims acceptance league tables
- BIBA appoints Magenta to provide its members with a scheme to help customers protect themselves against Escape of Water(EOW) in the home
- Medscheme creates modern decision platform which reviews some 400,000 claim lines per day powered by a FICO solution expired
- InsurData secures a further $3m funding from a group of investors expired
- Lemonade raises £300m in latest investment round expired
- Portabl picked by the Plug and Play innovation platform to join its InsurTech Batch of innovative companies expired
- Sapiens announces upgrade to IDITSuite solution expired
- BIBA appoints Blundell to a new position as Head of General insurance expired
12th September 2018
Munich Re emphasizes importance of Cyber insurance as digitisation grows
Torsten Jeworrek, member of Munich Re’s Board of Management, comments “Cyber risks are one of the biggest threats to the networked economy. Munich Re is making highly targeted investments in know-how and development of networks in order to continually improve its services and insurance products. Together with technology partners, we want to keep on developing solutions for these risks in the future.”
Digitisation undoubtedly offers huge opportunities for people and companies. It can help firms to increase productivity, efficiency and quality as well as reduce risks. Digital services and products can also improve customer satisfaction.
However, the increased networking of machines and equipment in particular can also give rise to very complex risks such as data theft, disruptions in the interaction between networked machines, and even the failure of entire production lines and supply chains. The economic costs of large-scale cyber attacks already exceed losses caused by natural disasters. Where small and medium-sized enterprises are affected, such attacks can soon threaten their very existence.
The biggest economic losses to date have been those caused by ransomware and malware, especially WannaCry and NotPetya, which, due to the growing interconnectedness of the economy, have increasingly led to business interruptions.
Munich Re Trends(432 articles)
Cyber Trends(852 mentions in Insurance Newslink)