VCIA: Cyber attacks on the rise

12/08/2016 08:12

More than half, 51 percent, of captive professional have experienced a cyber attack within the last five years, it was revealed during a cyber panel at the Vermont Captive Insurance Association conference.


Session participants were also asked if their organisation has any type of cyber coverage and if so, whether that coverage includes the company’s captive programme.


Of the attendees, 32 percent said they do not have any cyber coverage, 54 percent said they have cyber coverage included in their captive plan, and 14 percent said ‘some or all’ was covered through their captive plan.


Martin Ross, managing director of Aon Risk Solutions explained to the audience that cyber has no boundaries, and is not likely to select one company over another. Ross said: “Every company is vulnerable of a cyber breach.”


He claimed that the one of the biggest cyber threats is actually the employees at a company, rather than outsiders, and suggested that this type of threat could come from a disgruntled employee.


Companies should keep in mind its employees, Ross stressed, pointing out that some companies are not allowed to have mobile phones next to their computers as it could be seen as a threat to the company.


He also revealed that targets include healthcare companies and banks, because their data is worth a lot of money.


The panel suggested that the top three risks to companies are: damage to reputation and brand; economic slowdown; and regulatory and legislative changes.


Speakers predicted that by 2018 these risks would change and, instead, the top risk to companies will be increasing competition.