Providers of cyber re/insurance must continually adjust to what is an ever-evolving risk and an ever-adapting market, Annamaria Landaverde, senior vice president and cyber practice lead at the reinsurance division of Munich Reinsurance America, told APCIA Today.
Securing robust protection is becoming ever more important to small and medium-sized enterprises (SMEs) and Munich Re has invested heavily in this space to ensure it has products that are suited to the needs of these companies.
Landaverde pointed out that when cyber products were first developed the main threat was around data being stolen. Now, one of the biggest threats is ransomware, whereby companies lose control of their records, simultaneously causing business interruption issues.
“What companies are dealing with today is not only how to handle an extortionist and engage with law enforcement but also how to restore their networks if they are encrypted and suffer an outage,” Landaverde explained.
Munich Re has a wide range of cyber product offerings ultimately developed for SMEs. For businesses that buy cyber as a part of a blended product with other lines of business, Munich Re has a white label offering,…
