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Insurers Grapple with the Billion Dollar Question: Navigating Cyber Accumulation Risks in 2024

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In this excerpt from the Weathering the Storm: Cyber Insurance Risk in 2024 webinar, this discussion focuses on cyber accumulation risk where experts highlight the pervasive threat of systemic events impacting insurers' portfolios underscoring the urgent need for preparedness.

Key topics include:

  • Increasingly sophisticated cyber threats pose a significant risk to insurers, affecting a wide range of industries beyond finance and healthcare.

  • Recent incidents like the AT&T outage underscore the omnipresent danger, with potential for large-scale impacts on operational data and software.

  • Lloyd's report highlights the staggering economic consequences of a major cyber event, with projected losses reaching trillions globally and a trillion dollars for the US economy, emphasizing the criticality of robust risk management strategies and tools for insurers.

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