Growing Threat From Cyber Risks, Munich Re Offers More Than Just Insurance
Digitalisation 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 and loss of data. This trend will continue as more and more machines and devices are connected.
Demand for prevention and insurance is growing as companies recognise their exposure and seek protection against the financial consequences of cyber risks. Whereas in 2017 the size of the market for cyber insurance stood at
Against this background,
Jeworrek: "We are taking up this challenge. Only by adapting our range of products to changing risks and requirements can we remain relevant for our clients. And only in this way can we open up opportunities for new business sectors."
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