Financial losses from cyber attacks now exceed natural catastrophes
The financial losses from cyber attacks now exceeded losses generated by natural catastrophes, says insurer Munich Re. Several insurance companies expect that the market for insurance against hacker attacks will double within a few years.
Cyber attacks represent a serious threat to the global supply chain in which shipping plays a key role. As such, cyber attacks will account for a bigger share of the overall insurance market, say several insurance companies at the 2018 Monte Carlo Reinsurance Rendezvous conference, reports Fairplay.
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