Cyber is one of the most pressing risks for businesses and private persons in the world. The Allianz Risk Barometer 2020 (, for example, ranks cyber as the most important business risk (even though the report was compiled and published before the global Covid-19 pandemic).
Despite its importance and a noticeable increase in awareness in the last few years, cyber is still an elusive risk. In the following, we provide you with an overview of the definition and cyber risks, their core characteristics and a short summary of major cyber events.
References
Allianz. 2020. Allianz Risk Barometer 2020. https://www.agcs.allianz.com/news-and-insights/reports/allianz-risk-barometer.html (January 17, 2020).
Eling, Martin, and Jan Hendrik Wirfs. 2016. Cyber Risk: Too Big to Insure? Risk Transfer Options for a Mercurial Risk Class. St. Gallen: Institute of Insurance Economics I.VW-HSG, University of St. Gallen. https://www.ivw.unisg.ch/~/media/internet/content/dateien/instituteundcenters/ivw/studien/cyberrisk2016.pdf.
Lane, Ben. 2020. “Equifax Expects to Pay out Another $100 Million for Data Breach.” https://www.housingwire.com/articles/equifax-expects-to-pay-out-another-100-million-for-data-breach/.
Mitre. “MITRE ATT&CK Framework.” https://attack.mitre.org/ (December 5, 2020).
PCS. 2019. Could NotPetya’s Tail Be Growing? https://www.verisk.com/siteassets/media/pcs/pcs-cyber-catastrophe-notpetyas-tail.pdf.
reinsurancene.ws. 2020. “Norsk Hydro Claims a Further $20.2mn from Its Cyber Insurance in Q4.” https://www.reinsurancene.ws/norsk-hydro-claims-a-further-20-2mn-from-its-cyber-insurance-in-q4/.
VERIS. 2020. “VERIS Community Database.” http://veriscommunity.net/vcdb.html (February 3, 2020).
Verizon. 2020. 2020 Data Breach Investigations Report. https://enterprise.verizon.com/resources/reports/dbir/?CMP=OOH_SMB_OTH_22222_MC_20200501_NA_NM20200079_00001.
zdnet.com. 2018. “Marriott Faces Massive Data Breach Expenses Even with Cybersecurity Insurance.” https://www.zdnet.com/article/marriott-faces-massive-data-breach-expenses-even-with-cybersecurity-insurance/.