Cyber attacks accounted for 80% of incidents in continental Europe last year, up from 70% in 2019, according to a report published by Marsh in collaboration with Microsoft, the international law firm CMS, and Kivu, a global cybersecurity firm.
Ransomware attacks accounted for 32% of cyberattacks in 2020, more than double the number between 2016 and 2020 (14%). Overall, incidents in cyber insurance in continental Europe increased by 8% in 2020.
The report The Changing Face of Cyber Claims 2021 analyzes the incidents in cyber insurance managed by Marsh in continental Europe between 2016 and 2020. Amid an increase in the frequency and severity of attacks of these insurance premiums increased by 39 % across all sectors – among Marsh’s continental European customers – during the first quarter of 2021, up from 37% in the fourth quarter of 2020.
The sectors most affected by cyberattacks
While the most affected sectors (financial institutions, industrial, communication, technology and professional services) remain largely unchanged since 2019, Marsh reports that incidents suffered by the four main sectors increased significantly in 2020, with increases in the triple digits: sector industrial (104%); communication, technology (153%); and professional services (200%).
The report notes that as the pandemic gripped Europe during March and April 2020, cybercriminals took advantage of social concern and the need for information about Covid-19 to engineer a wave of thematic attacks, combining tactics. well established and malware.
Jean Bayon de La Tour, Head of Cyber for Continental Europe at Marsh, noted that: “Cyber attacks and ransomware, specifically, are becoming increasingly harmful as cybercriminals look for weaknesses in the protection scheme of companies together with weaknesses inherent to the human condition, such as curiosity. It is simply not a question of whether or not a company will be attacked, but when this attack will occur. “
“Establishing contingency plans and protocols; and creating efficient incident response teams that can be activated quickly to manage the crisis is crucial. While cybersecurity and cyber preparedness represent the first line of defense, cyber insurance can help to mitigate the severity of an incident. And to contribute to the recovery of the business after a system interruption. And, therefore, to the increase of the resilience “, added Bayon.
Erik Jonkman, Cybersecurity Attorney at CMS, commented: “The continued rise in ransomware forces organizations to implement an effective legal response to cyber incidents. And to recognize that managing legal risk goes beyond regulatory compliance. such as the EU GDPR. Ransomware incidents can easily cause civil disputes between organizations. Especially when their businesses are highly interconnected. “