Munich Re and CyberCube release report on systemic cyber risks

Munich Re, in collaboration with CyberCube, a leading provider of cyber risk analytics for the insurance industry, has published the results of a joint survey involving 93 cybersecurity experts.

The initiative aims to enhance insurers’ understanding of systemic cyber risks and inform strategies to build greater resilience.

The report underscores the high probability of a major cyber catastrophe, with most experts estimating that a serious malware attack could impact up to 25% of systems globally, with 15% of those potentially suffering total compromise. A cyberattack on the scale of WannaCry or NotPetya, respondents noted, would no longer be considered surprising.

Key mitigation measures identified in the study include patch management, network segmentation, and data backup. These practices, if effectively implemented, could reduce the risk of a widespread malware attack by 50-80%.