Global economy resilient to cyber attacks, but major events pose significant risk: CyberCube

A recent report by cyber risk analytics provider CyberCube reveals that while the global economy has shown resilience to cyber attacks with minimal financial losses experienced so far, the analysis of near-miss events suggests a significant risk of far larger losses in the future.

In the comprehensive study, CyberCube examined over 100 global cyber aggregation events with catastrophic potential that occurred over the past six years, averaging approximately one event every three weeks.

The cybersecurity community managed to resolve the majority of these events with minimal financial impact on insurers. Nevertheless, CyberCube warns that the observed near-miss events indicate the possibility of much larger losses in the future.

The findings of the report have been incorporated into CyberCube’s software-as-a-service solution, Portfolio Manager Version 5 (PMv5).

This cyber risk modeling platform enables stress testing of portfolios against various systemic cyber-related scenarios, including data breaches, cloud outages, and global ransomware attacks. By utilizing PMv5, the (re)insurance industry can identify potential risk accumulation areas and drivers of loss.

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