Ransomware attacks to hacked emails—rising cyber insurance claims are hurting firms

Cyber insurance is the fastest-growing sector of the world’s insurance markets, but a recent increase in ransomware attacks and business email compromises has led to a sharp uptick in claims, resulting in significant losses for cyber insurers and increased premiums. The UK insurance industry is facing increased scrutiny from regulators, so it has become extremely important for these insurers to understand how to manage cyber risk within their own supply chains.

This industry plays a critical role in managing risks and protecting individuals and businesses from potential losses. However, with an increased reliance on digital technologies and interconnected systems, the insurance supply chain is becoming more vulnerable to cyber risks. From insurance carriers to intermediaries and third-party service providers, each entity within the supply chain can be a potential target for cyberattacks.