Is the industry ready for a global cyber attack?

07-10-2021

Is the industry ready for a global cyber attack?

Scott Field, Duck Creek; Jenna McGrath, CyberCube; Ian Simmons, Charterd Insurance Institute

The cyber insurance market is booming, with new coverages evolving constantly, but whether the insurance industry is prepared for a massive cyber catastrophe is uncertain.

In September, Apple issued emergency security updates to block ‘zero click’ spyware that could infect iPhones and iPads. “This silent way to hack a device is particularly alarming,” said Scott Field, head of international product strategy at Duck Creek, who warned that a financial institution could potentially be hacked in this way.

“If someone hacks a bank like that and is able to infect all of its customers, are we going to spend the time to figure out who is at fault and ultimately whose policy covers what?

“Probably, but is industry prepared from a reinsurance perspective to deal with a cyber attack that starts from a financial institution that has millions of customers, and then all of sudden all its customers are disrupted? Probably not.”


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