Marsh Security Incident

Skip to main content Sign out Locations Contact us Marsh.com Sign in Marsh.com Sign in Please sign in to access the full marsh.com site. Click here to sign in as colleague Email * Password * Forgot password Register * Required Report Ransomware: A persistent challenge in cyber insurance claims Contact us 06/11/2024 7 minute read Key takeaways Understanding cyber claims trends helps to inform an effective risk management strategy for one of the signature risks in todays tech-driven society. Analysis of the 1,800+ cyber claims submitted to Marsh in the US and Canada in 2023 reveals the following: 21%of clients that purchased a cyber policy reported an event in 2023, consistent with the percentage over the past five years. In2023, events were driven by factors including increased sophistication of cyberattacks; the MOVEit event, highlighting supply chain vulnerabilities; and privacy claims. Healthcare,communications, retail/wholesale, financial institutions, and education remain in the top five of most affected industry sectors. Ransomwarerepresented less than 20% of claims reported, but remained a top concern for organizations given their increased frequency, sophistication, and potential severity. Inmanaging claims, its important to follow proper procedures, including notifying insurers, brokers, and other stakeholders and maintaining proper documentation. Organizationscyber resilience strategy should incorporate a view of cyber risk across the enterprise, including its potential economic and operational impact and taking account of cybersecurity at vendors and other third parties. Introduction With cyber risk firmly embedded as a key concern for organizations of all sizes, effective risk transfer is an increasingly important piece of a successful cyber risk management strategy. In turn, its important for companies to both understand and properly manage their potential cyber claims in support of risk transfer. In2023, Marsh clients in the US and Canada reported...

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