The Covid-19 pandemic presented major logistical challenges to the insurance industry, with many organisations scrambling to activate business continuity plans.
Singular breaches no longer have a strictly local impact as individuals are hyperconnected to the internet in myriad ways, from personal digital devices to vehicles.
The increasing scale and sophistication of ransomware attacks – as seen with Colonial Pipeline – has highlighted the importance of greater industry collaboration to tackle these evolving threats.
Inconsistencies and a lack of standardisation in cyber insurance are persistent challenges that can hinder the development of a market still in its early days.