Dive Brief:
- Demand for cyber insurance has surged as companies respond to high-profile cyber attacks, increased regulatory scrutiny, mounting reputational risk and the need for protection against vulnerabilities among supply-chain counterparties, according to Moody’s Investors Service. “Cyber insurance has become an important component of companies’ risk management programs.”
- At one large insurance broker, the “take-up rate” — or proportion of eligible organizations buying cyber insurance — rose to 47% in 2020 from 26% in 2016, Moody’s said in a report, quoting data from Marsh McLennan. Cybercrime costs worldwide will likely total $6 trillion this year and annually rise 15% during the next five years, Moody’s said, quoting Cybersecurity Ventures estimates.
- “Ransomware attacks have grown more sophisticated, with attacks becoming more invasive and often disabling networks and exfiltrating sensitive data,” Moody’s said. “Increasingly digitization and remote working arrangements have added to the criminal attack surface.”
Dive Insight:
The Securities and Exchange Commission (SEC) this year has intensified its focus on…
