Working together with clients to find cyber risk solutions

Cyber attacks have developed from a private user "phishing" nuisance to a serious business risk for many industries in the last few years. In the US alone, 40 % of all attacks were directed against the oil and gas industry. Expected cost for the affected companies in US: USD 1.8 bn a year by 2018.

According to Marsh's UK & Ireland 2014 'Cyber Risk Survey Report' only 14% of medium to large-sized companies in the UK and Irish markets have an insurance policy in place against cyber risk, despite 56% of those surveyed placing cyber in the top five risks faced by their firm.

New scenario for accumulation control

Last-century insurance wording is now colliding with present-day cyber attacks. Since one attack can hit a multitude of companies simultaneously, and trigger many different policies, accumulation control is key to successful cyber insurance development.

That's why Swiss Re has developed a capacity steering and cyber risk exposure accumulation monitoring framework, based on scenarios and taking into account how existing and also new specialised cyber risk policies will be affected by different events. It keeps cyber risks insurable and thereby our digital world running - from the infrastructure that heats your home to the smart phones that keep you connected.

Working together

The global cyber insurance market could reach USD 3.6 - 5.9 billion by 2023. Armed with the knowledge of the characteristics and surrounding the cyber risk environment, and different cover needs of regions in the market, we're ready to work with you.

Read our recent report 'Gearing up for cyber risk' and how Swiss Re is working with clients, partners, governments and other key stakeholders to develop cyber security and risk management practices that keep our hyper connected world safe.

We're smarter together.

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