Reinsurance market struggling to cope with risks of nation-state cyber-attacks

The report, titled “CyberCube’s Global Threat Outlook: A Perspective on the Threat Landscape for Q4 2023,” examines four key hot zones: Russia/Ukraine, China/Taiwan, Iran/Israel, and North Korea/South Korea.

The report finds that these actors use various techniques to achieve their goals, including ransomware, data theft, and denial-of-service attacks. The report also notes that the reinsurance market still struggles to accept the risks posed by nation-state cyber-attacks.

“Nation-state cyber hot zones offer a glimpse into the potential future of cyber warfare,” said William Altman, cyber threat intelligence principal at CyberCube. “However, it is important to note that the risks posed by these attacks are not limited to these hot zones. Any organisation, regardless of its location, can be a target.”

The report concludes by calling for greater consistency and clarity in how cyber war is defined and excluded from cyber insurance policies.

Key takeaways from the report:

• Nation-state cyber threat activity is increasing and becoming more sophisticated.
• These attacks are increasingly being used to achieve strategic objectives.
• Certain industries, such as healthcare and professional services, are particularly vulnerable to these attacks.
• All organisations should take steps to improve their cyber security posture.

The report does not explicitly state that nation-state cyber-attacks are an inevitable part of the future of cyber warfare. However, it suggests that these attacks are becoming more common and sophisticated. As a result, organisations of all sizes need to be aware of the risks posed by these attacks and take steps to protect themselves.