The hidden cost of a hack: Unpacking the ripple effect of cybercrime

📊 Insurance News Analysis: Our editorial team has analyzed recent developments from insurancebusinessmag.com in the Insurance sector. This report covers key insights related to car insurance, life insurance, health insurance and emerging industry trends that professionals should monitor closely.

Recent analysis in the Insurance sector reveals significant developments. By Emily Douglas
This article was created in partnership with Beazley.  
It’s been a year of cataclysmic changes and technological evolution for insurance. As AI continues to develop at an exponential pace, organizations are having to adapt to new ways of working – and futureproof against increasingly sophisticated cyberattacks.  
According to Beazley’s annual Risk & Resilience research with 3,500 global business leaders concern over cyber risk has risen – with 29% of the survey respondents citing this risk as their greatest threat, up from 26% in 2024. However, while awareness of cyber risk grows, paradoxically, executives felt more prepared for evolving cyber threats, with perception of resilience rising from 75% in 2024 to 83% this year.  
This contradiction underestimates today’s cyber and tech threat landscape, which is increasingly dynamic and unpredictable – as the recent high profile ransomware attacks on major retailers and other businesses have made alarmingly clear.

Failure to recognise this reality leaves businesses exposed, unprepared and increasingly vulnerable to today’s fast-evolving digital threats.  
In that vein, Beazley is launching an exclusive new webinar – Cyber from the frontline to the boardroom: The ripple effect of an attack.  
“The biggest challenge facing the industry right now is a lack of insured understanding of the reality of a cyberattack,” Beazley’s team explained. “What it is like to be in the eye of a cyber storm, and how long is the tail of a cyber incident – from the immediate risks to the long-tail legal and reputational liability risks that land squarely in the boardroom post an attack.” 
This ripple effect is something that organizations need to start bracing for sooner rather than later. In Beazley’s webinar, their team of experts – Patrick Whalen, Growth Leader – US Executive Risk, Craig Linton, Head of US Underwriting Management – Cyber Risk, Katherine Heaton, focus group leader and Francisco Donoso, chief product and technology officer, will consider; 
In order to futureproof against the ongoing cyber challenges that are certain to surface in 2026, professionals need to upskill their own sector knowledge. It’s essential that leaders have a better understanding of the evolving risk landscape – from threat actors, to nation state hybrid warfare attacks and third party supplier risks.  
“[It’s about helping] insureds to be better prepared,” added Beazley’s team.

“[Through training, better understanding of today’s threat landscape, common misconceptions, and mistakes.” 
Don’t be left behind in the battle against cybercrime – register for Beazley’s exclusive webinar here.  

Experts suggest this represents a significant moment for the Insurance sector, with implications extending beyond immediate stakeholders.

— Based on reporting from insurancebusinessmag.com

💡 Key Industry Insights

The insurance industry is adapting to changing risk profiles and customer expectations in a digital-first environment.

Specifically regarding life insurance, market observers note continuing evolution in service delivery, pricing models, and customer engagement strategies that merit close attention from industry stakeholders.

Market Impact: These developments in car insurance may significantly influence market dynamics. Industry experts recommend monitoring these trends closely for strategic planning purposes.

Analysis Note: This comprehensive overview synthesizes current market intelligence from insurancebusinessmag.com regarding life insurance and related sectors. Stay informed about ongoing developments in this rapidly evolving landscape.