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26 November 2020 / Celso De Azevedo
Issue: 7912 / Categories: Features , Commercial , Cyber , Insurance / reinsurance
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Cyber: Taking cover

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Celso De Azevedo, 36 Commercial, reports on the latest trends in cyber insurance post-COVID-19
  • Cyber security in 2020: the worst year to date?
  • Cyber insurance industry: challenged to its limits.
  • Regulatory developments.

In April 2020, the Federal Bureau of Investigation commented that daily cyber security complaints to its Internet Crime Complaint Center had increased by 400% since the onset of the coronavirus (COVID-19) pandemic (zd.net/3kJqKlC).

Such an unprecedented increase in cyber losses is reflected in the findings of Hiscox’s recent Cyber Readiness Report. The insurer surveyed over 5,500 private and public sector organisations located internationally, between December 2019 and February 2020, and found a six-fold increase in the median value, and a 50% increase in the total amount, of cyber losses in the early months of 2020. In addition, more than 6% of the companies surveyed had paid a ransom in this period (‘Hiscox Cyber Readiness Report 2020’:bit.ly/3nz2swt). Another survey—‘The Beazley Breach Insight Report 2020’—noted a 25% increase in incidents involving

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