The aim of this report is to provide insurers who write cyber coverage with realistic and plausible scenarios to help quantify cyber-risk aggregation. The understanding of cyber liability and risk exposures is relatively underdeveloped compared with other insurance classes. By understanding cyber risk exposure, insurers can improve their portfolio exposure management, set appropriate limits and gain the confidence to expand into this fast-growing insurance class.
The report is designed for risk managers whose businesses are exposed to the types of cyber-attacks described in the report’s two scenarios: a hack that takes down their cloud-service provider or an attack that causes the failure of a particular operating system across their own company, customers, suppliers and/or business partners. Each of these scenarios encompasses a range of variables including possible risk mitigation and cyberattack response. This means organisations can consider the impact on their own operations.
This report has been co-produced by Lloyd's and Cyence for general information purposes only. While care has been taken in gathering the data and preparing the report, Lloyd's does not make any representations or warranties as to its accuracy or completeness and expressly excludes to the maximum extent permitted by law all those that might otherwise be implied. Lloyd's accepts no responsibility or liability for any loss or damage of any nature occasioned to any person as a result of acting or refraining from acting as a result of, or in reliance on, any statement, fact, figure or expression of opinion or belief contained in this report. This report does not constitute advice of any kind.
To download the full report in PDF format please visit: https://cyberpolicymagazine.com/images/pdf-downloads/counting_the_cost_cyber_attack.pdf
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