Cyber

In March of this year the global operations of Norsk Hydro, a renewable energy company and one of the world's biggest aluminum producers, were disrupted after an apparent systemic infection from the ransomware LockerGoga.

The cyber insurance market is growing rapidly and underwriting challenges are increasing dramatically as the world becomes more interconnected.

Because data breaches often affect more than one organization, AIR recently released a module in ARC that enables organizations to better account for correlations of cyber risk between companies in similar industries.

AIR's Scott Stransky sat down with A.M. BestTV to discuss regulatory changes, how various data sources are informing cyber model development, and the implications of the IoT for silent cyber.

Cyber risk is widely considered the top growth opportunity for the insurance industry but despite these projections, insurers need to realize that this market is not without its challenges.

We’re thrilled to announce that our probabilistic model for cyber risk is now available in the latest release of ARC!

It's possible that tens of thousands of websites across the world could be labeled as unsafe this October, potentially leading to business interruptions losses.

Insurers worry that a single cyber incident could trigger multiple claims, possibly at a catastrophic level. So, what's the deal with systemic cyber risk? What causes it and how do you measure it?

One of the most pressing challenges cyber insurers face is a lack of in-house data for evaluating their risk.

A recent report from AIR and Lloyd’s of London estimates that a failure of a top cloud service provider could cost the U.S. economy USD 15 billion and insurers up to USD 3 billion, highlighting a sizable protection gap. Despite several eye-opening incidents (e.g. Wannacry and Petya ransomware attacks) that have showcased the loss potential caused by systemic cyber risk, insured losses for the industry have thus far been minimal.