WannaCry raised awareness of cyber risk: CFC Underwriting
Cyber attacks such as the recent WannaCry hack are raising awareness of cyber risk, enabling brokers to have more discussions about digital crime with clients, according to CFC Underwriting. The National Crime Agency said that cyber crime overtook traditional crime in the UK last year, which is confirmed by CFC's experience. CFC noted that enquiries rose 50% in the month following the WannaCry attack and it saw a 78% rise in cyber claims last year. Cyber insurance policies are reflecting the alterations in threat, now covering both the immediate financial costs and the specialist help that may also be necessary.
CFC Underwriting’s Graeme Newman considers how public cyber attacks such as the WannaCry hack are helping brokers have the right conversations about digital crime with their clients.

Last year the National Crime Agency revealed that cyber crime had officially overtaken traditional crime in the UK. Where once it was masked bandits holding up bank tellers, we’re now seeing teenagers stealing cash from businesses from the comfort of their bedroom.

CFC’s own claims experience backs this up. We saw a 78% rise in cyber claims in 2016 with just over a third caused by simple phishing scams rather than sophisticated cyber crime.

Perhaps more importantly 90% of our claims by volume