Silent Cyber Growing (Lack of Cyber Insurance Coverage)

18 September 2018 Internet, IT & e-Discovery Blog Blog
Authors: Peter Vogel

My friend Judy Greenwald reported for BusinessInsurance.com that “Silent cyber, cyber losses that affect insurance policies not specifically designed to cover cyber risk” was significant and that a “survey of close to 700 participants from more than 100 insurance companies found that in 2017, fewer than half of respondents estimated the silent cyber risk to be greater than one cyber-related loss for every 100 non-cyber related losses.” The September 17, 2018 report entitled “Threat of silent cyber grows significantly: Willis Re” was based on a “survey 2018 Silent Cyber Risk Outlook, issued by Willis Towers Watson’s reinsurance unit” and included these comments:

In 2018, 60% to 70% of respondents estimated the silent cyber risk factor was greater than one in every 100 noncyber-related losses in all lines of business apart from workers compensation.

Actually this report is hardly a surprise!

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