Many experts believe the current situation in Europe with Russia and Ukraine can lead to increased risk of cyber occurrences. Guy Carpenter’s Blake Berman, Managing Director, appeared on the Insurance Uncovered podcast, produced by the National Association of Mutual Insurers (NAMIC) to talk about cyber issues.
Blake discusses how insurers need to scenario test their portfolios against the potential for cyber losses, as described in Scenario Testing Our Mutual Future, a report from NAMIC and Guy Carpenter designed to help property casualty insurers understand how different stresses can affect their financial performance and long-term future.
Blake mentions that insurers have shown growing interest in quantifying and mitigating cyber risk. As transgressors become more brazen, the results of occurrences can escalate from nonphysical losses, such as ransomware and fishing attacks, to real destruction of supply chains and infrastructure.
NAMIC Insurance Uncovered
Guy Carpenter's Blake Berman shares how insurers can mitigate their exposure to cyber loss with concerns of the escalating situation in Europe.