Ransomware and warning shots about risk aggregation have added a big dose of complexity into an already complicated cyber risk landscape. Insurers are weighing the delicate balance of growth vs discipline in the face of surging claims and deteriorating profitability.

The Ukraine crisis presents a myriad of risks to the sector – direct underwriting losses, rapidly rising prices, slower economic growth, financial market volatility and the potential for asset shocks – that are not altogether different to what occurred during COVID-19 and the financial crisis. But with direct investment and underwriting exposures limited overall, and with second order effects in financial markets currently manageable, the sector is strongly positioned to support clients through this period of uncertainty.

On wiper malware and other malware, which are hitting Ukraine – This guidance helps private and public sector organisations deal with the effects of malware (which includes ransomware). It provides actions to help organisations prevent a malware infection, and also steps to take if you're already infected.

Risk professionals will need to educate themselves not only on how to approach data-driven decision making but also the technological developments that will increasingly dictate where data comes from and how it is used.