Cyber insurers could lose 119% surplus in single catastrophe: Report
Posted On: Aug. 30, 2018 5:57 AM CSTA report found that three of the top 20 cyber insurers could generate up to 119% in gross losses to policyholders' surplus from a single cyber catastrophe occurring in 2022, The Independent reported. The report was created by U.S.-based ratings agency A.M. Best Co. Inc. and Guidewire Software Inc. Guidewire's risk analytics team used two scenarios described in a Lloyd’s of London emerging risk report for the stress test. In the first scenario several cloud-based customer servers fail and cause widespread service and business interruption while in the second scenario a common software application is compromised and exploited on a global scale.