As coronavirus cases in the UK yesterday saw the the biggest jump in cases (almost 3,000) since the middle of May, insurance industry leaders are warning businesses and governments to prepare more rapidly and vigorously for other systemic risks, such as cyber attacks and climate risks.
Munich Re says the response to the coronavirus pandemic has demonstrated just how vulnerable the world is to very large risks. The firm's Torsten Jeworrek says trillions in financial losses ought to be a wake-up call for economies to better equip themselves for other extreme risks.
“The coronavirus pandemic needs to be a lesson to us all: We must take action more rapidly and vigorously to ensure that we are not as unprepared as we were with COVID-19 for risks such as cyber attacks or climate change. It is possible to better safeguard against the financial consequences of such risks for the benefit of humanity. It needs to be clear that systemic risks like pandemics also require systemic countermeasures -- for instance, the creation of state-backed risk pools to make uninsurable risks bearable," he said.
Financial institutions were early adopters of cyber security and insurance. Are they still on top of the game?
Managing huge amounts of sensitive data online makes financial institutions a prime target for hackers. As such, the sector was an early cohort for insurers in creating cyber cover. Since then, the market has evolved almost beyond recognition. It continues to challenge itself to this day, complying with rigorous regulatory demands and implementing avant-garde enhancements to keep abreast of the ever-changing risks. Published June 2021
Manufacturing: An industry at risk amid great technological change
Of the many sectors of business, manufacturing companies are among the most at risk from cyber threats. How has the sector evolved to make it so vulnerable and what does the task of managing cyber exposure in a manufacturing company look like? CIR’s latest podcast with Tokio Marine HCC sought to answer all these questions and more. Published April 2021
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