During the event, the experts also highlighted that these figures represent a fraction of the complex risk landscape for organizations worldwide adopting new technologies such as AI or digital assets. In Romania, the daily incidence of cyberattacks ranges from 20,000 to 30,000, according to DNSC, with the most common types being Ransomware, DDoS, and Phishing attacks.
The webinar brought together cybersecurity experts such as Raphael Schmid – Chief Specialty Officer, Aon Switzerland, Kushtrim Aziri - Broker Cyber Specialty, Aon Switzerland, Gabriel Tănase - Partner, Cyber Chief Information Officer, KPMG Romania, and Cosmin Neagu, Client Director & Global Client Network Manager, Aon Romania.
Experts emphasized that cyber threats continue to evolve at a particularly accelerated pace, targeting both organizations and the human element within companies, which remains the largest exposure link in cybersecurity. 69% of organizations already use AI products or services, and 54% of organizations participating in a survey conducted by one of Aon's key global reinsurance partners reported experiencing one or more severe security incidents in the past 24 months. Ransomware attacks remain the primary threat (60%), while data breaches are rising (20%).
Kushtrim Aziri highlighted that ”organizational risks have become systemic in a context where the impact increases with the geopolitical tensions in which we find ourselves, or with the fragility of supply chains, proving the acute need to strengthen the digital resilience of companies. In recent years, there has also been a massive increase in the adoption of AI technologies not only by using social engineering but also by requesting sensitive information about industries and sensitive data for companies. In this new landscape of cyber-attacks, the question arises: what can we do to protect organizations and people?”
”Looking at the situation in Romania, we still face a low level of awareness among companies (SMEs), about the need to take protective measures against cyberattacks. In Romania, 20,000 to 30,000 cyberattacks are detected daily, according to DNSC. The main targeted industries are pharma, public administration, energy, retail, and transportation. Geographically, the highest incidence of attacks is in Bucharest, Banat, and Moldova. Another important aspect is that currently, the supply of insurance policies is modest, with only two insurance companies present in Romania,” stated Cosmin Neagu.
Cyber insurance policies are an effective organizational asset; however, a cyber incident response strategy is vital for any organization, given that three-quarters of cyberattacks that have penetrated organizations' security systems have resulted in significant financial losses. Among the company managers who participated in the survey, the awareness degree of the need to create pre- and post-incident cyber scenarios is very high, yet 87% feel they are still not adequately protected.
”With the pace of technological progress in today's world, it is crucial for organizations to build solid resilience and continuously work on advancing their cyber risk maturity. An effective component of that can be the transfer of risks to the insurance market by utilizing cyber insurance. Over the last decade, we've made significant strategic investments in cyber, aiming not only to act as a risk transfer specialist but also to support clients across key domains such as quantification and incident response. Our tailored solutions cater to a variety of industries such as industrial, food and beverage, and financial institutions. Cyber governance has become a core responsibility of any organization's board of directors. We are pleased to partner with our clients to support them holistically on their ever-evolving cyber journey,” said Raphael Schmid.
A survey conducted by SwissRe, one of the leading global reinsurance companies, reveals that the cyber insurance market continues to experience substantial growth. Market premiums are expected to climb to $16.6 billion by 2025.
