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Next Cyberattack Could Cost Insurers $2.5B

Smarter attack could cause large claims, underwriter says.

By Oliver Suess, Bloomberg | Updated on July 07, 2017

Cybercrime insurers largely avoided costly claims from the recent attacks that hit businesses around the globe. The next global virus could change that.

“It’s exceptionally likely that we will see an event over the next months that will seriously affect insurers,” Graeme Newman, chief innovation officer at CFC Underwriting, said in an interview. “It would only need a combination of WannaCry’s wide reach and Petya’s destructive force to cost cyber insurers something like $2.5 billion, or a full year of gross premium income in the market.”

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