The risk analytics provider to the cyber insurance industry warns about scenarios that could impact the already confused world of cyber war risk and exclusions. Its new report — “CyberCube’s Global Threat Outlook: A Perspective on the Threat Landscape for Q4 2023” — urges re-insurers and those in the ILS markets to consider its findings on new permutations of cyber war, issues with war exclusions and at-risk industry sectors.
“William Altman, Cyber Threat Intelligence Principal, CyberCube, said: ‘Nation-state cyber hot zones offer a glimpse into the potential future of cyber war. In Q4 2023, CyberCube expects to see nation-state cyber threat actors conduct themselves in ways that push the cyber (re)insurance industry to deeply consider the limitations and strengths of current war-exclusion language deeply.’”
The report projects future cyber war trends involving aggressors Russia, China, Iran and North Korea. The last, according to the report, may be forced to shift its focus from crypto companies to the traditional money systems: “These attacks include attacks on leading financial transaction providers such as the SWIFT banking system (a target the North Koreans have successfully breached in previous attacks ), as well as attacks against leading outsourced payroll providers, online banking services, mobile point-of-sale systems and e-commerce platforms.”
“While there has been substantial progress and momentum achieved this year, including, in March, Lloyd’ of London rolling out an exclusion for cyber war and severe state-backed attacks, the reinsurance market is yet to settle on a consistent approach that is acceptable to all stakeholders.”
The report also calls out the high risks facing healthcare and professional services companies. Read the summary and get the report here.