The world is increasingly connected and more reliant on the fruits of technological progression.

According to the 2019 Global Cyber Risk Perception Survey by Marsh and Microsoft, it’s estimated that internet-connected devices will number 75 billion by 2025. The report adds that ‘even traditional sectors such as manufacturing expect almost 50 per cent of the products they develop to be “smart” or “connected” in some way by 2020’.

‘New technologies are changing our way of life and integrating into everything we buy,’ says Matthew Honea, director of cybersecurity for Guidewire Cyence.

NEW CYBER RISKS EMERGE FOR INSURERS

A heightened reliance on, and integration of, technology will bring new cyber exposures. Providing proper protection against these ever-evolving dangers also requires responding to silent (or non-affirmative) cyber risks.

Silent cyber exposures are cyber-related events or losses neither explicitly included nor excluded from a policy that was not originally intended to offer cyber coverage.

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