The hidden cyber protection gaps

Cyber risk is a multifaceted peril that reaches into areas that insurance might miss. Intelligent Insurer investigates the gaps in cover that could prove costly if overlooked.

When people think about the insurance protection gap, cyber may not be the first area that comes to mind. But Stephanie Snyder, senior vice president and commercial strategy leader of Cyber Solutions at Aon, says cyber risk has “many tentacles” that affect less obvious areas such as M&A and pension funds. With insurance premiums facing upward pressure, she argues that better clarification is required from both businesses and insurers in assessing the evolving risks of cyber. 

Clear and present danger

There’s no question that cyber attacks are on the rise, with ransomware incidents regularly hitting the headlines. Ransomware encrypts data and can render a company's IT system inoperable until a ransom is paid causing business interruption losses and potential reputational damage.