Cyber should be viewed as a peril rather than just as an insurance product, according to Mark Camillo, AIG.
Speaking on a panel at the 2018 European Captive Forum, Camillo said companies needed to look at the impact cyber could have across the whole organisation and all the lines of business it covers.
He commented: “At AIG we aren’t viewing cyber as an insurance product, we are viewing it as a peril. It can impact all lines of business.”
Camillo said AIG’s statistics revealed that there were as many cyber incidents in 2017 as in between 2013 and 2016.
The statistics also showed that 2018 was on track to see a 50 percent increase in cyber incidents in comparison to last year.
According to AIG’s statistics, ransomware continues to be the most common type of cyber incident, while Microsoft Office 365 takeovers, which are a growing trend, are second.
Business interruption is the area in which AIG is seeing the most severe cyber incidents.
Camillo stated: “If you’re looking at cyber, look beyond a traditional cyber insurance policy.”
“You need to understand the risk and exposure of cyber across your organisation and make sure insurance portfolio can respond to them.”
