Over 60% of insurance experts expect higher cyber-related losses over next 12 months
Willis Towers Watson Public Limited Company - Ordinary Shares (WLTW)
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Source: GlobeNewswire
LONDON, Sept. 17, 2018 (GLOBE NEWSWIRE) -- Insurance companies are expecting increased cyber-related losses across all business lines over the next 12-months, driven by increasing reliance on technology and high-profile cyber-attacks, according to Willis Re’s annual Silent Cyber Risk Outlook global survey. The survey reveals that over 60% of respondents estimate it is likely to incur more than one cyber related loss for every hundred non-cyber covered losses over the next 12 months in all lines of business apart from workers compensation compared to less than 50% in any line of business in 2017. Large cyber-attacks, like WannaCry or NotPetya, are also expected to be more frequent, with over 60% of respondents stating they anticipate these occurring at least once every five years. The increasing frequency of cyber-attacks and resulting threat to utility infrastructure led to the IT/Utilities/Telecom industry group reporting the highest perceived property silent cyber risk factor,
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