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    Content Assessment: Anticipating Digital Disruption? The Munich Re Global Cyber Risk and Insurance Survey 2022

    Information - 97%
    Insight - 98%
    Relevance - 95%
    Objectivity - 96%
    Authority - 97%

    97%

    Excellent

    A short percentage-based assessment of the qualitative benefit of the recent report, Global Cyber Risk and Insurance Survey, 2022, by Munich Re, one of the world's leading reinsurance companies.

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    Background Note: Digital disruption is progressing on a global level and associated dependencies are advancing enormously – and they make no allowance for those who are not sufficiently prepared. An important part of preparedness is the understanding of risk and the potential impact of that risk. With this understanding in mind, Munich Re, one of the world’s leading risk managers, commissioned a survey by the global market research company, Statista, to better comprehend the challenge of cyber risk and the increasing role of cyber insurance in risk mitigation. The survey, Munich Re Global Cyber Risk and Insurance Survey 2022, was conducted globally and had more than 7,000 respondents from 14 countries. Initiated in December 2021, analyzed by Munich Re experts in January and February 2022, and published in May 2022, the survey may be beneficial for cybersecurity, information governance, and legal discovery professionals operating in the eDiscovery ecosystem and seeking to better understand cyber risks and remedies.

    Industry Report*

    The Munich Re Global Cyber Risk and Insurance Survey 2022

    Munich Re

    Management Summary

    Digitalisation in most areas of business and life continues unabated. And all companies surveyed are focusing more strongly on new, smart technologies. The list of technological drivers is headed by 5G, cloud services, artificial intelligence, and data analytics. Highly IT-oriented countries like India and China, as well as South Africa and Brazil lead the list of nations that see the biggest potential in digitalisation. Only 12% of C-Level participants surveyed do not consider digital trends in 5G, cloud services, AI and data analytics relevant to their businesses.

    In line with these developments, security vulnerabilities and cyber-attacks are also on the rise. On a global level, attacks such as online fraud, ransomware and data theft increased year-on-year as our data shows.

    Although awareness among surveyed managers, beyond incidents they themselves experienced, has risen by nearly 10% since our global survey in 2021, the perception of the threat landscape and what needs to be done to properly address it still varies greatly by country.

    As a result, protection measures remain relatively low. For example, 83% of surveyed representatives said that their own company is not adequately protected against digital threats. This high number comes as a surprise in light of the fact that business models increasingly rely on digitalisation and that awareness of associated threats is high. The need for action is clear.

    On a positive note, compared to the previous year, the availability of cyber insurance appears to have gained further traction, as there has been a 21% increase in the number of companies that have already taken out cyber insurance. Currently, 35% of the decision-makers surveyed are also considering taking out cyber insurance as an essential part of their risk management. According to the survey, interest in cyber insurance is cross-sectoral. However, even in more mature cyber markets like the US, too many respondents have still had no contact with an insurance provider to inform themselves about security solutions and insurance protection against digital threats and potential cyber incidents. The insurance industry has yet to be commonly perceived as part of the solution.

    The situation is no different in private life. Here, the discrepancy between risk awareness and underinsurance is even higher. We must assume that the far-reaching consequences of a cyber-attack have not penetrated the consciousness of most individuals. It is likely that many consider themselves not attractive enough to hackers and that any potential consequences of a security breach would be minor.

    Overall, the responses to the comprehensive questionnaire in our survey underscore the need for the global insurance industry to increase efforts to make cyber risks more visible, conditions more understandable, and products easier to assess. Adequate risk management is a prerequisite for cyber insurance and poses major challenges for all stakeholders.

    One thing is clear: Digital disruption is progressing on a global level and associated dependencies are advancing enormously – and they make no allowance for those who are not sufficiently prepared. In response, the insurance industry has proven that it can provide real value-add for its clients with comprehensive solutions that adapt to the rapidly changing risk landscape. Munich Re, in particular, constantly innovates as a leading cyber reinsurer. We offer primary insurers and corporates long-standing expertise, sophisticated solutions, and adequate coverage.

    Read the original and complete overview.


    Complete Report: Munich Re Global Risk and Insurance Survey 2022 (PDF) – Mouseover to Scroll

    MunichRe Global Cyber Risk and Insurance Survey 2022

    Read the original report.

    *Shared with direct express written permission from Munich Re.

    Publication Source: Munich Re, 2022. Munich Re Global Cyber Risk and Insurance Survey 2022. [online] Munich: Munich Re. Available at: <https://www.munichre.com/landingpage/en/global-cyber-risk-and-insurance-survey-2022.html> [Accessed 2 June 2022].

    Additional Reading

    Source: ComplexDiscovery

     

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    ComplexDiscovery is an online publication that highlights cyber, data, and legal discovery insight and intelligence ranging from original research to aggregated news for use by cybersecurity, information governance, and eDiscovery professionals. The highly targeted publication seeks to increase the collective understanding of readers regarding cyber, data, and legal discovery information and issues and to provide an objective resource for considering trends, technologies, and services related to electronically stored information.

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