Cyber

ITL FOCUS is a monthly initiative featuring topics related to innovation in risk management and insurance.

This month's focus is Cyber

Insurance companies store large amounts of information about their policyholders, and attacks are expected to grow in frequency and severity in the coming years.

Geopolitical conditions, specifically those related to Ukraine, have increased risks as nation-states orchestrate prolific cyberattacks against other countries.

Some 2,300 business interruption suits have been filed related to COVID-19, and a massive cyber-attack would surely produce even more--and more confusing--suits. 

With the rise of SaaS solutions propelling insurers to adopt emerging technologies faster than ever, ensuring security requirements can keep pace with technology adoption is imperative.

The abundance of regulatory updates and revisions in 2022 promises tighter rules and regulations in 2023.

When organizations do not complete a detailed cyber evaluation of target companies before a merger or acquisition, they risk significant financial and legal challenges.

There are countless examples of high-impact breaches affecting companies that are entirely cyber-compliant.