Silent cyber - what does this mean for insureds?

10 May 2021 The insurance market has seen some large losses in recent years as a result of sophisticated cyber events such as the WannaCry, Petya and NotPetya ransomware attacks in 2017. These events have been classified as a cyber catastrophe, with industry losses now being reported at levels surpassing USD3bn (GBP2.3bn). Of these losses, 90% were driven by silent cyber impacts.