CYBER INSURERS NEED TO CONSIDER COVID-19 TRENDS

Cyber insurers will need to consider the impact of the coronavirus pandemic, such as the increase in home working and the threat of scams, according a report from Aon and CyberCube. The shift to home working during the coronavirus pandemic is creating new vulnerabilities for criminals to exploit, while the rise of online shopping has increased the risk of cyber scams, including form-jacking and spoofing, according to the report. “Insurers underwriting cyber risk will need to be very mindful of these changes and how they affect an organization’s risk profile,” said Darren Thomson, CyberCube’s head of cyber security. “These are new norms that need to be incorporated into their underwriting appetite in addition to well-established threats like ransomware, which shows no signs of diminishing,” he said.