Alan S. Wernick Shares Insights from Munich Re's Cyber Insurance Risks and Trends 2023
Alan S. Wernick analyzes key outcomes from Munich Re’s Cyber Insurance Risks and Trends 2023 Report in the American Bar Association’s April Month-In-Brief: Internet Law & Cyber-Security.
In his article, Alan explains several noteworthy observations from the Report. The cyber insurance market reached a “record size” in 2022 with growth fueled by the increase in ransomware and supply chain attacks. At the same time, a cybersecurity workforce gap of 3.4 million people is also expected.
Alan also emphasizes the Report’s prediction that ransomware will be the primary loss driver in 2023 and very likely beyond. He writes that the Report reveals a “trend towards data destruction rather than encryption, the pretence of data theft as a new successful form of extortion, and a concentration of ransomware attacks on cloud infrastructure.”
Alan concludes with the role lawyers and their business clients can play in mitigating business risks related to cybersecurity threats. He stresses the importance of ongoing education and awareness about the ever-evolving threat landscape as a way to limit and handle cyberattacks.
Read the full article here.
Alan is a business transactions attorney and advocate, with a background in accounting and technology, who focuses on matters of information technology, privacy/cybersecurity and intellectual property law. His in-depth experience as a seasoned legal counselor and advocate, arbitrator and mediator and as a bridge builder among business, technology and intellectual property communities is well respected by individuals across professional industries.