Data from the March R.S. Observatory on Cyber Risks point to a sharp increase in the level of risk of cyber-attacks, which stands at 8.5 points out of 10 compared to level 6 where it was before the war. The main targets of these cyber-attacks perpetrated by hackers are financial institutions, the healthcare system, public emergency services, security and defense and critical infrastructures in all NATO territories, and especially in the USA.

According to the broker, there is still a cyber risk insurance gap in Spain of more than 65%, in addition to the risk of losing clients as a result of the significant increase in premiums and the restriction of coverage. As a result, the resilience of companies, including insurance, is expected to fall by 20% over the course of this year.

"We are facing massive and indiscriminate attacks aimed at punishing the sanctions imposed on Russia, characterized by their recurrence and lethality in systems. They not only paralyze the economic and social activity of the countries, but also seek to paralyze the flow of decisions of the Member States" said José Maria Elguero, Director of Financial Risks at the broker.

In this regard, he said the importance of reviewing coverage against cyber risks, and warns that "between excesses and cases in which compulsory coinsurance is established for the insured, the usefulness of the coverage can be greatly reduced" and recalls the sharp increases in premiums that are occurring in renewals.