Cyber Threats Driving Insurance Claims Activity

SecOperations

By Scott Sayce, Global Head of Cyber and Group Head of the Cyber Centre of Competence at Allianz Global Corporate & Specialty (AGCS)

Cyber Threats Driving Insurance Claims Activity

In response to the challenging loss environment of recent years, the insurance industry is more diligently assessing clients’ cyber risk profiles and clarifying coverage areas in a bid to incentivize companies to improve cyber security and risk management controls.

Our experience shows a number of companies still need to improve their frequency of IT security training, cyber incident response plans and cyber security governance. Incident response is critical as the cost of a claim quickly escalates once business interruption kicks in.

It is clear that organizations with good cyber maturity are better equipped to deal with incidents. It is not typical for us to see companies with strong cyber maturity and security mechanisms suffer a high frequency of ‘successful’ attacks. Even…

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