The pace of technological change is increasing, and dramatically transforming the global business environment. At the same time, the potential cyber and technology exposures that businesses face continue to expand, presenting businesses with the possibility of substantial economic losses. Marsh’s latest research was presented in The Changing Face of Cyber Claims report, which leverages insights gathered from Marsh Continental Europe’s claims data and from the data, experience, and expertise from Wavestone and CMS, to look at practical ways to manage and mitigate cyber risk and claims, and includes a deep-dive into ransomware.
Marsh’s deep experience in the field means that we are in a position to offer best practices to help companies better understand, measure and manage ransomware risk.
1. Understand: what are we talking about?
Ransomware attacks aim to hold company data hostage (for instance by encrypting it or by threatening to make the data public) – asking for a ransom payment in exchange. This kind of attack has become very popular worldwide, including in Europe.
In 2019, we recorded a 100% surge in ransomware attacks across our European cyber claim portfolio.