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Preying on the vulnerable – cyber claims predicted to rise due to COVID-19

Insurers are likely to receive an increase in cyber claims due to the impact of the coronavirus. Most businesses have had to accommodate remote working rapidly, leaving many with a range of cyber security exposures. There are already phishing scams using COVID-19 related messages to lure anxious individuals and the number of these is expected to rise.

Forced business closures by the government also provides a perfect blueprint for industries or organisations to target as businesses are mothballed, systems are left unattended and employee reaction time is much slower.

In this update, Kieran Doyle, Eden Winokur and Ellie Brooks from W+K’s cyber team explore the three key cyber vulnerabilities for business – remote working, targeting of key organisations and phishing scams – and the potential insurance implications.

To read the full update click on download below.

© Wotton + Kearney 2020
This publication is intended to provide commentary and general information. It should not be relied upon as legal advice. Formal legal advice should be sought in particular transactions or on matters of interest arising from this publication. Persons listed may not be admitted in all states and territories.