Recent attacks on the Colonial Pipeline and on the meat processor JCS have highlighted the ongoing threat of cyber attacks to national infrastructure and the global supply chain, and shown that there is an urgent need for the cyber market to “catch up” with the risk.
This is according to Bethany Vohlers, Senior Manager for Cyber Solutions at Verisk, who recently spoke to Reinsurance News about the challenges facing cyber re/insurers.
The volume of cyber claims and the overall cost of cyber crime has been rising steadily in recent years and is now a major global issue, which will require close collaboration between insurers, insureds, government agencies and technology vendors, Vohlers explained.
