munich re global cyber risk and insurance survey 2022

We will make it clear how cyber risks are covered in traditional policies and for which scenarios a dedicated cyber insurance solution is needed, Donavan says. The list of technological drivers is headed by 5G, cloud services, artificial intelligence, and data analytics. Or find and follow Reinsurance News on social media. Solutions we can offer the technology, media and telecommunications (TMT) industry market. Here, the discrepancy between risk awareness and underinsurance is even higher. Guidewire, Aon and Guidewire launch cyber scenario for a US dam attack, October 25, 2018, 5. On a global level, attacks such as online fraud, ransomware and data theft increased year-on-year as our data shows. 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. If you have information or offering requests that you would like to ask us about, please let us know and we will make our response to you a priority. Munich Re offers the products and services individuals and businesses need to sidestep risks, nimbly respond when breaches occur, and get back on track after time and money are lost to cybercrime. 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. 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. Munich Re has invested in experts, and strong partnerships in order to offer a full spectrum of pre-and post-incident cyber solutions for businesses, individuals, and the primary insurers who protect them. document.getElementById( "ak_js_1" ).setAttribute( "value", ( new Date() ).getTime() ); Insurers can play a key role in strengthening mental health , Insurance claims in Louisiana from damage related to last years , Liberty Specialty Markets (LSM), part of Liberty Mutual Insurance Group, . Willis Towers Watson, Silent cyber outlook: Is silent cyber risk creeping up on insurers?, September 11, 2017, 4. security vulnerabilities and cyber-attacks are also on the rise. With the Allianz network AGCS provides services in over 200 countries and territories. Get to know our Group companies, branches and subsidiaries worldwide. 83% of surveyed representatives said that their own company is not adequately protected against digital threats. The general consideration for inclusion in this running listing is the public announcement of an investment event by an organization that offers an eDiscovery solution as part of their overall offering portfolio regardless of their core business. The 2022 Global Cyber Risk and Insurance Survey comprises 7,000 participants from 14 countries, across various industries and company sizes. Munich Re noted that all the companies that were surveyed are focusing strongly on new, smart technologies. Only email is mandatory, but the more you tell us about yourself the better we can serve you in future. In addition, 38% of C-Level participants from the survey said that they are extremely concerned about a potential cyber-attack taking place on their company. In the past few years, cyber risks have gone mainstream. It was just a pre-taste of what a real global cyber hurricane scenario could look like and still the impact was disastrous for many companies globally. The need for action is clear. 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. Exterro Completes Recapitalization in Excess of $1 Billion, TCDI Completes Acquisition of Aons eDiscovery Practice, eDiscovery Mergers, Acquisitions, and Investments in Q2 2022, TCDI to Acquire Aons eDiscovery Practice, On the Move? Ukraine Conflict Assessments in Maps (July 19 23, 2022), Beyond the Pause? Munich Re Global Cyber Risk and Insurance Survey 2022. The survey, Munich Re Global Cyber Risk and Insurance Survey 2022, was conducted globally and had more than 7,000 respondents from 14 countries. 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. This field is for validation purposes and should be left unchanged. Considering Privacy and Data Protection Rights (CCDCOE), Post-Pandemic Depression? Munich Re, in particular, constantly innovates as a leading cyber reinsurer. 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. 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. The German supervisory authority, Bafin, has announced that it will be more attentive to insurance silent cyber exposures in 2019. Other Allianz P/C companies will apply the strategy by January 1, 2020, latest. Brazil came in second at 89%, followed by Spain at 85%, and South Africa at 83%. Vic Registered in England No.07191464. 6Si`Wt Yp&[Zz2 g66*::0H Despite this, Munich Re notes a 21 per cent increase in the number of companies that have purchased cyber insurance particularly in the IT, healthcare and finance sectors, which are generally the most affected by cyberattacks. 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? In this role she will succeed and also subsequently report to Shanil Williams. The digital future is now, and Munich Re will help you navigate it. For the latter, 29 per cent of respondents said this was because the price of coverage was too high. Currently, 35% of the decision-makers surveyed are also considering taking out cyber insurance as an essential part of their risk management. New Report Shows Corporate Legal Provider Counts Remain Low, Time for an Expert? AGCS appoints Vanessa Maxwell as new Global Head of Financial Lines. The new strategy also responds to growing concern from regulators and rating agencies about cyber exposures in insurers portfolios. In addition, only 12% of C-Level participants from the survey do not consider digital trends relevant to their businesses. Eighteen Observations on eDiscovery Business Confidence in the Summer of 2022, Challenging Variants? 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. *, More than 80% of global survey respondents felt inadequately protected against cybercrime. ComplexDiscovery O. Ukraine Conflict Assessments in Maps (July 24 28, 2022), Port Support? property offers a dedicated cyber BI extension). We must assume that the far-reaching consequences of a cyber-attack have not penetrated the consciousness of most individuals. Read More about An eDiscovery Market Size Mashup: 2021-2026 Worldwide Software and Services Overview, Authored by litigation support and eDisclosure expert Andrew Haslam, theeDisclosure Systems Buyers Guide 2022 Edition provides an overview of key technology considerations, industry approaches, and vendor capabilities regarding the discipline of eDisclosure (eDiscovery). It is quite simply the best buyers guide available. We not only help insurers and their customers recover from the financial loss of ransomware attacks, data breaches, and other cyber incidents, we bring together a complete cyber ecosystem to put in place automated preventative measures that help them understand the risks and head off problems. US This growth is spearheaded by eDiscovery software spending which is estimated to grow at a CAGR of 10.7% to $7.18B in 2026. On a global level, data from the survey shows that attacks in ransomware, data breach and online fraud have increased year-on-year. 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. No reproduction without prior authorisation. Cyber-related pure financial losses without physical damage or injury, however, will be covered in affirmative cyber insurance solutions only (see below). Steve Evans Ltd. registered in England No. 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. HaystackID Launches New Global Advisory Offering, Consumers Paying the Price? An Aggregate Overview of Eight Semi-Annual eDiscovery Pricing Surveys, Changing Currents? Digitalisation in most areas of business and life continues unabated. 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. This is uncharted territory. 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. Reporter Rebecca Delaney. However, the results of our study show that the insurance industry must become even more active in sales and explanation. Looking at the surveys results regionally, India, China and South Africa rank among the top three most affected countries overall. An important part of preparedness is the understanding of risk and the potential impact of that risk. A Cybersecurity Threat Landscape Framework from ENISA, Live with Leeds? I would expect 2019 to be definitely noisier around silent cyber exposures, Donavan says. And all companies surveyed are focusing more strongly on new, smart technologies. 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. 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? A further 35 per cent of surveyed decision makers say they are considering purchasing cyber insurance as an essential part of their risk management programme. [online] Munich: Munich Re. Cybercrime damage will reach $10.5 trillion by 2025, estimates global researcher Cyber Ventures. In line with these developments, security vulnerabilities and cyber-attacks are also on the rise. Publication Source: Munich Re, 2022. Artemis, Merck & silent cyber impacts drove Petya industry loss: PCS, November 7, 2018, 2. While ComplexDiscovery regularly highlights this information, it does not assume any responsibility for content assertions. The cyber insurance gap is disproportionately high amid an imbalance in cyber risk awareness, capacity and protection, according to a new survey by Munich Re. Complete Report: Munich Re Global Risk and Insurance Survey 2022 (PDF) Mouseover to Scroll. Global conglomerates like Merck and Maersk suffered severe disruption of their systems and businesses during that attack. Allianz operates as an international insurer on almost every continent. Read More about Inflection or Deflection? 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. The situation is no different in private life. Cyber perils are the biggest concern for companies globally in 2022, according to the Allianz Risk Barometer. Background Note: 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. 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. 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. 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. A Running Listing of eDiscovery Events in 2022, Anticipating Digital Disruption? 2021 eDiscovery Review Task, Spend, and Cost Data Points, A 2021 Look at eDiscovery Collection: Task, Spend, and Cost Data Points, Five Great Reads on Cyber, Data, and Legal Discovery for July 2022, Five Great Reads on Cyber, Data, and Legal Discovery for June 2022, Five Great Reads on Cyber, Data, and Legal Discovery for May 2022, Five Great Reads on Cyber, Data, and Legal Discovery for April 2022, Inflection or Deflection? 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.

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