As the world digitizes, the frequency, severity, and sophistication of cyber incidents are increasing along with the dependency on technology.
Cyber criminals have already demonstrated their ability to disrupt supply chains for businesses around the world and cripple critical infrastructure. Meanwhile, the steadily increasing adoption of cyber insurance means that more companies have protection, but also that cyber risk aggregation is expanding for the insurance industry.
Chubb’s whitepaper, Catastrophic Cyber Risks – A Growing Concern, examines several types of cyber events that, particularly in combination, have the potential to be catastrophic. The paper also explores an alternative approach for cyber insurance — one that will enable the cyber insurance industry to continue to provide innovative solutions for policyholders while still ensuring the long-term sustainability of the market.