In July 2024 a faulty update of cybersecurity service provider CrowdStrike caused widespread disruptions across millions of Windows systems globally. Although not a malicious attack intended to cause harm, the effects of the event led to one of the largest IT outages on record, hitting critical operations in key industries and sectors such as airlines and airports, banks, stock exchanges, technology companies and healthcare services. The shockwaves from this event brought into sharp focus the vulnerability of our digital world.
Key stressors in our highly dynamic cyber landscape include supply chain dependencies, the effects of geopolitical conflicts and the increasing sophistication of cyber threat actors – the culmination of which is the capacity to heavily impact economies and societies.
Munich Re expects the global cyber insurance market to reach USD 16.3bn in 2025. To date, the market has proven itself to be capable and efficient in sheltering those insured critical digital assets needed to run the daily operations of organizations of all types and sizes – from micro-, small- or medium-sized businesses to large corporate enterprises. The global…
