Risk professionals predict cyberattacks will spike due to COVID-19 – study

An Insurance Business Magazine article.

The vast majority of risk professionals believe the overall level of cyberattacks will spike as a result of COVID-19, according to a new study by Willis Re, the reinsurance division of Willis Towers Watson.

Willis Re’s 2020 Cyber Risk Outlook survey found that 86% of respondents believed the frequency of cyberattacks will increase, while 54% believe that the severity will increase. The respondents, a selection of the risk management, claims, underwriting, legal, broking and analytics sectors in 56 countries, believe that the cause of losses will be divided almost evenly between data breach, ransomware and business interruption, Willis Re said.

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