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Ransomware a growing concern for re/insurers, says Fitch

October 18, 2021

As part of a new report on cybersecurity risks, analysts at Fitch Ratings have noted that ransomware in particular is becoming a “growing concern” for the re/insurance industry.

The rating agency said cybersecurity is arguably reaching an “acute phase,” following high-profile events at several of the largest and most sophisticated insurance companies.

Fitch sees attacks as continuing to increase at an alarming rate for several reasons, including the potential for financial payouts, increased availability of tools to commit cybercrime, limited criminal enforcement to date and a growing digital footprint.

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