Cyber

I'm dreaming of a cyber-secure Christmas…

Before Log4Shell shook up the industry, especially ransomware attacks had significant impact on cyber insurance books in the year 2021. 

21.12.2021

The threat scenarios, rising incidents and more sophisticated attacks lead to the consequence that some risk owner no longer felt up to the task. Munich Re, keeps offering capacity, coverage, services and risk management solutions to further make cyber risks insurable and help risk owner all around the world growing and safeguarding their digital businesses. And this not only a promise:

 

  • We are in constant exchange with our clients and model vendors on cyber accumulation topics and have updated our internal models to ensure state of the art and fit for purpose accumulation modelling within Munich Re;
  • We expanded our cooperation with national and supranational policymakers/authorities, associations as well as the cybersecurity ecosystem;
  • We kept investing into our global Cyber Hubs;
  • We were part of the Ransomware Action Task Force and actively participated in a US Congress hearing;
  • We launched our first global Cyber Risk and Insurance Survey;
  • Together with Google and Allianz we’ve launched Cloud Protection + in order to offer clients of the Google Cloud a seamless cover.
  • We actively engaged in the process of defining a Cyber War Exclusion together with the Lloyd’s Market Association;
  • We’ve launched a new global Cyber Center of Expertise, and
  • We’ve been awarded the title of cyber reinsurer of the year for the fifth time in a row.

While the latter is certainly something that Munich Re greatly appreciates, it represents at the same time a commitment and a task for the future. The dynamic of the global cyber risk and threat landscape will not provide us with much time to breathe and celebrate past achievements and successes. The time is critical to further “future-proof” the cyber line of business. By addressing the challenges the industry is facing, the cyber market can achieve its goal of becoming a sustainable long-term offering that is indispensable for businesses to mitigate one of their key enterprise risks. The complexity of risks and the need for risk-adequate pricing require top-class cyber teams cooperating across industries and markets.

Extremely critical vulnerabilities like Log4Shell will keep us and risk owner busy for some time. But also other challenges like boostering the overall resilience, addressing silent cyber and accumulation scenarios are other examples of what our global cyber team of experts ranging from cyber actuaries, IT experts, legal-, claims- and wording specialists to cyber underwriters will be working hard on in 2022. And for sure we will provide you with new insights from our brand-new Cyber insurance: Risk and Trends 2022 outlook and the second Munich Re Global Cyber Risk and Insurance Survey in Q1 – stay tuned. Our ambition is to serve all markets in all segments with sustainable solutions to increase digital resilience and robustness. Only if clients and the industry are adequately prepared, our wish of a cyber-secure Christmas comes true.

Have yourself a merry little cyber insurance!

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Our experts
Martin Kreuzer
Martin Kreuzer
Senior Risk Manager Cyber Risks
Axel von dem Knesebeck
Consultant
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