- About us
-
News & articles
Back
News & articles
View our latest company news and thought leaderships here.
See all the news stories - Products
- Underwriting teams
View our latest company news and thought leaderships here.
See all the news storiesCyber threats are more common, more dangerous and more destructive than ever before
The launch of Tokio Marine HCC International’s (TMHCCI), second annual Cyber Incidents Report shows that the global threat of cyber-attacks continues to grow, and the nature and targets of those attacks are evolving at a rapid pace.
In just ten incidents last year, over $600 million in cash was stolen or taken as ransom, tens of millions of citizen records stolen, 40,000 businesses’ IT operations put at risk, one billion airline passenger details compromised and at least one bank was effectively shut down for over a week.
The vast majority of the incidents listed in this year’s top ten involved large institutions where cyber security plays an integral role in operations. But this hasn’t prevented their sophisticated defence systems from coming under attack.
Indeed, some of the most damaging attacks were experienced by the likes of Microsoft, Kaseya and SITA, organisations whose products and services feed directly into the systems of third parties.
Isaac Guasch, Cyber Security Specialist at TMHCCI and author of the report said, “We are noticing a drastic increase in both likelihood and severity of all types of cyber attack. We have seen a marked increase in ransomware attacks, their complexity and in the appetite to target smaller organisations.”
“But whether you are a small independent business or a large, international organisation, the increasingly interconnected nature of the businesses that form our economies, is a key threat.”
“Even if you are confident that your cyber security measures are up to date, those of your partners may not be, so you may need to constantly redefine your perimeter.”
Ranking the top ten global cyber incidents by impact shows that, when it comes to targets of attack, there is no grace or favour provided by criminals; with a range of sectors including IT, airport security, banking, energy, software component providers and government databases all coming under attack.
“It’s clear that organisations of all shapes and sizes need to understand that wherever they are and whatever they are engaged in, their business is at risk.” said Xavier Marguinaud, Head of Cyber at TMHCCI.
“But by gathering, analysing and understanding the nature of these incidents, TMHCCI is able to better understand threat trends, attacker motivation and modus operandi. This insight allows us to provide effective insurance solutions that include tailored pre- and post-incident services to ensure your organisation is best prepared for any cyber threats.”
The Top 10 Cyber Incidents Report is available to download
ENDS
Tokio Marine HCC is a member of the Tokio Marine Group, a premier global company founded in 1879 with a market capitalization of $43 billion as of December 31, 2022. Headquartered in Houston, Texas, Tokio Marine HCC is a leading specialty insurance group with offices in the United States, Mexico, the United Kingdom and Continental Europe. Tokio Marine HCC’s major domestic insurance companies have financial strength ratings of ‘A+’ (Strong) from S&P Global Ratings, ‘A++’ (Superior) from A.M. Best, and ‘AA-’ (Very Strong) from Fitch Ratings; its major international insurance companies have financial strength ratings of ‘A+’ (Strong) from S&P Global Ratings. Tokio Marine HCC is the marketing name used to describe the affiliated companies under the common ownership of HCC Insurance Holdings, Inc., a Delaware-incorporated insurance holding company. For more information about Tokio Marine HCC, please visit www.tokiomarinehcc.com.
