Get up to speed with one of the hottest topics in the industry with these Insurance Times cyber insurance stories
Many organisations got a nasty surprise in May when the WannaCry ransomware attack reared its ugly head on a global scale. It caused chaos for businesses and individuals, with a diverse array of victims including Hitachi, FedEx and the Ministry of Internal Affairs of the Russian Federation. It even managed to infiltrate some NHS systems across England and Scotland, leading to the temporary widespread closure of GP surgeries and other facilities.
The WannaCry attack exposed a huge weakness in the interconnected digital world of 2017, but it was not to be the last ransomware attack of the year. When Petya, another form of ransomware, burst onto the scene a month later it also threatened to cause chaos.
Despite this, businesses are still not flocking in droves to arrange cover as you might expect, and there is still a sense of uncertainty regarding cyber issues and cyber cover, especially amongst smaller brokers and SMEs.
Surely there cannot be a better time to think about cyber cover and cyber risk than now, as developments in technology such as the internet of things means that it is an increasingly connected – and cyber-vulnerable – world. Insurance Times has compiled 11 must-read stories to ensure that you have your finger on the pulse of current cyber hot topics. Click here to read them.