Cyber Attacks On Microsoft Servers Likely To Generate Thousands Of Insurance Claims

 Thursday, April 1, 2021

 Continuity Insurance & Risk

Insurers are being warned of the potential for a large volume of claims following recent cyber attacks on Microsoft’s email servers.

Tens of thousands of Microsoft Exchange servers in businesses and organisations around the world could have been infected during a series of concerted attacks since the beginning of this year.

Cyber analytics specialist, CyberCube, believes companies in North America to be at greater risk than those in Europe, but large to medium sized businesses globally are all vulnerable.

It says that the insurance and reinsurance industries are ‘likely to see a long-tail of attritional claims resulting from this attack’.

William Altman, cyber security consultant at the firm, said: ‘The insurance industry is only just beginning to understand the scope of possible damage. It is too early to calculate potential losses from the theft of a corporation’s intellectual property."
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