In this first edition of Cyber IQ we focus on the SolarWinds cyber event that came to light at the end of 2020. SolarWinds, a major US information technology firm, was the subject of a cyberattack that spread to its clients and went undetected for months.*
In our bulletin we explain the timeline of the attack, beginning in Sept 2019 when hackers first gained access to the SolarWinds network, enabling them to then spy on businesses that were customers of SolarWinds. From this we discuss how the SolarWinds event, compares with other recent high profile cyber attacks and we examine the profile of the possible attacker. The bulletin finishes by looking at what are the key learnings from this cyber event for insurers and reinsurers.
*Source: BusinessInsider.com 24.12.2020