1. Silent cyber (or “non-affirmative cyber”) risks carry the potential to inject an additional degree of uncertainty into non-cyber policy underwriting. Despite ongoing intent clarification across the industry, an increase in kidnap & ransom, general liability, crime and property loss notifications related to cyber events occurred in 2019.
2. A global uptick in ransomware claims made them the most frequently reported claim of the year; 2019 statistics suggest an organization will fall victim to ransomware every 14 seconds. Severity also increased, and the average ransomware payment nearly tripled over the course of 2019, from USD 12,762 to USD 36,295. (1) Ryuk and Gandcrab comprised close to half of the regional, country and state attacks that occurred. The average Ryuk attack ransom amount was USD 286,557 and many payouts exceeded USD 1 million. (2) The potential impact of ransomware is being considered as insurers develop…
