New Threats Emerge as Cyber Risk Evolves
"Just one cyber event can cause multiple losses in unanticipated ways," Wosleger said. "Unlike a wind event, which poses a threat to a specific region or number of locations, a cyber-attack poses a serious aggregation issue that can be a catastrophe waiting to happen."
"Companies must work to better understand their cyber exposures as boards and shareholders focus more on this threat and the public perception that the playing field favors the attackers," Perkins said. "In order to aid this process, insurance carriers continue to adjust their appetites to take on cyber risk, with the property insurance market being the first of the traditional markets to move."
Hackers no longer only have criminal intent like stealing personal data, but have political or terroristic motivations.
Another emerging threat that is outpacing available defenses is attacks on physical devices and assets. The
Businesses who do not take steps to mitigate their cyber risk can become exposed to first-party consequences like:
- Property damage
- Network interruption
- Data corruption
- Theft of intellectual property
- Cyber extortion
- Reputational damage
Addressing cyber risk as a property issue is a relatively new concept but aggressive action needs to be taken since risks are continuing to multiply. The insurance industry must innovate to remain an indispensable partner and Lockton experts are keeping up to help guide clients through the evolving landscape of unforeseen threats.
About Lockton
Lockton is a global professional services firm with 6,500 Associates who advise clients on protecting their people, property and reputations. Lockton has grown to become the world's largest privately held, independent insurance broker by helping clients achieve their business objectives.
For eight consecutive years,
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