New GILC Cyber Insurance report: cyber risk growing on an exponential scale
The Global Insurance Law Connect (GILC) has released its first ever Cyber Insurance report with expert commentary from global law firms including Duncan Cotterill.
Law firms from 19 countries described the critical issues in cyber crime and how the insurance industry is responding to it as the world becomes increasingly digital.
Each firm outlined key changes to the insurance market in their region and provided an outlook for the coming year. The report shows the rise of cyber attacks has increased demand for cyber coverage and encouraged growth in capacity, however as the severity of attacks grows, insurers are also warier about the clients they’re willing to insure.
One of our cyber security experts, Partner Peter Fernando, provided a New Zealand perspective on the increased risk of cyber attacks over the last decade.
Peter said: “The intricacy of phishing attempts has become more prominent, with New Zealand individuals and businesses being targeted by schemes that are more “localised”, including phishing emails written in te reo Māori, and convincing campaigns impersonating banks, charities, IT firms, and government agencies. “In addition, in the past few years, CERT NZ has received reports of email phishing attempts designed to prompt a strong emotional response, including, most recently, fake relief efforts for Ukraine.”
Duncan Cotterill is a member GILC, a formal alliance of leading insurance law experts comprised of high-performing independent firms across the world that specialise in insurance law.
Thank you to Duncan Cotterill Partners Peter Fernando and Tanya Wood for their contributions. For more informtion on cyber risk and insurance, please contact a member of our Data Protection & Privacy team.