Don’t expect the threat of hacking to peter out in 2019. Cyberattacks have beat out terrorism, weapons of mass destruction, and extreme weather as the top concern for business leaders in North America, Europe and the Asia-Pacific Region, according to a new report from the World Economic Forum (WEF), done in partnership with Zurich Insurance Group and Marsh & McLennan Companies. Those concerns match up with the threats that cyber experts are finding having an impact on commercial clients and their insurance brokers today.
“Ransomware is still prolific in 2018. This is the leading cause of business interruption losses that generally the market sees,” said Sharif Gardner, cyber unit training manager at AXIS Capital. “The transportation sector has seen some large cases of business interruption when you start to look at, more recently, the crippling cyberattack on COSCO Shipping, so the transportation sector has started feeling that – not because they’re specifically targeted in any way more than anybody else. Most of these attacks start out indiscriminately, but it’s essentially that they’ve got very high volume in supply chains [and] high volume of logistic activity, so naturally that introduces a different area of risk.”
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