Nearly a quarter of businesses (24%) globally in our 2023 survey believe that war and terrorism will be a key risk to which they are exposed in the next 12 months. This exposure is no longer solely determined by proximity to a conflict as state-sanctioned cyber-attacks can extend far beyond the borders of the primary target.
It is clear businesses now feel more exposed to the risk of cyber war. We must provide a solution to address our clients’ cyber warfare exposure should they wish to. The insurance industry has a long history of affecting positive change through collective action. By collaborating at this key juncture for the cyber insurance market we can offer insureds clarity and certainty when it is needed most. Now we are evolving again. Cyber war and how we create a new market for this peril is the next test for our class, we can fail individually or pass collectively.
“The level of potential disruption which a cyber war attack could cause is on a scale far greater than anything we have seen before. Which is why we spend a lot of time thinking about what an attack would mean to the cyber market and how we can help our clients.” – Paul Bantick, Global Head, Cyber Risks, Beazley