Financial institutions, most affected by cyber damage. They were the target of hackers in 2019
A study called “The Changing Face of Cyber Claims,” published by Marsh consultants, shows that more than two-thirds (67%) of all cyber-incident losses came from malicious attacks in 2019: being financial institutions.
In this context, the volume of damages related to ransomware incidents (redemption) represents 14% of the total cyber damages, double the value recorded in 2018.
At the same time, 71% of the costs of cyber damages are related to immediate assistance measures and emergency measures taken to resume business, and against this background financial institutions were the most affected, with 21% of total damages reported in 2019. Some gaming companies were also targeted throughout the year, but with fewer hacking successes.
According to the study, 13% of total cyber damage comes from organizations in the manufacturing industry while communications, media and technology companies account for 9% of the volume recorded last year.
Overall, 67% of the losses associated with cyber incidents came in 2019 from malicious attacks.
Who conducted the study
The study “The Changing Face of Cyber Claims” was conducted by Marsh, together with CMS, the transnational association of law firms, and Wavestoneare, and was based on the analysis of compensation claims managed by Marsh in Europe last year. In addition, the report addresses the various methods used by cybercriminals while presenting action plans to organizations to better manage the losses caused by cyber incidents.
Marsh, a global leader in insurance brokerage and risk consulting, is part of Marsh & McLennan Companies (NYSE: MMC), the most important global company of professional risk consulting services, strategy and human resources, notes agerpres.ro.
With annual revenues of over $ 17 billion and more than 76,000 employees globally, MMC supports its customers to evolve through four companies. Along with Marsh, MMC is the parent company of Guy Carpenter, Mercer and Oliver Wyman.