Did you know that Munich Re has been awarded the title of cyber reinsurer of the year for the fourth time in a row?
While this is certainly something that Munich Re greatly appreciates, it represents at the same time a commitment and a task for the future. In the course of an accelerated process of digitalization and in the midst of Covid-19, cyber risks and loss scenarios can change faster than ever. Providing comprehensive solutions for cyber risks remains a challenge. This makes it all the more important to consistently develop one's own approach and expertise.
Munich Re accepted the cyber challenge from the very beginning and invested accordingly into building up the necessary expertise, internal processes, accumulation models, tools, networks and guidelines in order to manage cyber risks. Our approach is based on understanding risks and assessing them adequately, thereby making them insurable. This can only be done in close cooperation with experts from insurance and reinsurance, insureds and external partners, with the aim of developing a common understanding of how cyber risks should be dealt with. Along with risk transfer by way of insurance, the range of offerings is rounded off with risk management services and security measures.
The complexity of risks and the need for risk-adequate pricing require top-class cyber teams cooperating across industries and markets. To this end, we deploy our global cyber teams of 130 experts – ranging from cyber actuaries, IT experts, legal, claims and wording specialists to cyber underwriters. We want to serve all markets in all segments, not only by covering the risk, but also by securing cutting edge services.
You can be sure of one thing: Cybercriminals don’t take a break because of Christmas. They push hard to get to where they want to be – all the year round and all around the world.
To that extent, there is still a lot to do for Munich Re and the insurance industry. But there are also small things that are easy to do to ensure a cyber-secure Christmas:
Together with our clients, we’re creating cyber solutions that go far beyond traditional risk transfer.
Have yourself a merry little cyber insurance!