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Cyber risks - Munich Re


Rapid progress spawns new risks

Increasingly sophisticated means of collecting, processing and storing data are not only changing our working lives and social contacts, but also establishing new parameters for industry, trade, traffic and transport, as well as for the supply of energy and raw materials. Healthcare systems, international economic and political relations and military systems are likewise changing constantly as a result of the rapid advances in IT.

The resultant hazards for companies will be diverse and often difficult to assess. Demand for insurance solutions covering these new risk situations and their potential accumulations is growing continuously.

A British market research firm reports that 30% of major US companies have already acquired cover against cyberrisks, as compared to just 5% of the companies in Europe.

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