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🛡️ '''Cyberattack''' is any deliberate, unauthorized attempt to access, disrupt, or damage computer systems, networks, or data — and within the insurance industry it represents both a rapidly growing peril that carriers [[Definition:Underwriting | underwrite]] against and an operational threat to insurers' own infrastructure. Cyberattacks take many forms: [[Definition:Ransomware | ransomware]] that encrypts an insured's systems until a payment is made, phishing schemes that steal [[Definition:Personally identifiable information (PII) | personally identifiable information]], distributed-denial-of-service floods that knock e-commerce platforms offline, and supply-chain compromises that propagate through software updates. Each variant creates a distinct loss profile that [[Definition:Underwriter | underwriters]] of [[Definition:Cyber insurance | cyber coverage]] must evaluate and price.

🔧 When an insured suffers a cyberattack, the [[Definition:Cyber insurance | cyber policy]] response typically begins with the activation of an incident-response panel — a pre-approved team of forensic investigators, legal counsel, public-relations advisors, and notification vendors coordinated by the carrier. [[Definition:First notice of loss (FNOL) | FNOL]] processes for cyber events differ from traditional lines because speed is critical: containment measures taken in the first hours can dramatically reduce both the severity of the [[Definition:Insurance claim | claim]] and the [[Definition:Third-party liability | third-party liability]] exposure. Adjusting these claims requires specialists who understand network architecture, regulatory notification timelines, and the evolving jurisprudence around [[Definition:Data breach notification law | breach-notification]] obligations.

🌍 The cascading nature of cyberattacks poses unique challenges for the insurance market. A single vulnerability exploited across thousands of organizations can trigger correlated losses that test [[Definition:Aggregation risk | aggregation]] limits and [[Definition:Reinsurance | reinsurance]] towers in ways that resemble natural catastrophes — yet without the geographic boundaries that help diversify hurricane or earthquake exposure. This [[Definition:Systemic risk | systemic quality]] has pushed carriers to refine [[Definition:Cyber risk modeling | cyber risk models]], tighten [[Definition:Policy terms and conditions | policy terms]], and collaborate with [[Definition:Cybersecurity regulation | regulators]] on standards that improve baseline security across industries. For the broader economy, the availability and affordability of insurance against cyberattacks serves as both a financial safety net and an incentive for better cyber hygiene.

'''Related concepts'''
{{Div col|colwidth=20em}}
* [[Definition:Cyber insurance]]
* [[Definition:Ransomware]]
* [[Definition:Cyber liability]]
* [[Definition:Cyber risk modeling]]
* [[Definition:Aggregation risk]]
* [[Definition:Cyber warfare]]
{{Div col end}}

Definition:Cyberattack - Revision history

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