Cyberattacks are set to increase as the Covid-19 pandemic drags on, Willis Towers Watson reports. A majority of insurance industry professionals globally, 86%, believe frequency of cyberattacks will increase. And 54% believe the severity of attacks will also increase.

“This year’s survey shows quite clearly that risk professionals around the world believe that the pandemic has increased cyber risk, in some cases dramatically,” said Mark Synnott, global cyber practice leader at Willis Re, a reinsurance brokerage division of Willis Towers Watson.

The increased concerns over cyberattacks may have been caused by the transition to remote working, increasing the vulnerability of many businesses, Willis Tower Watson reported.

Expectation of a catastrophic cyber event leading to claims of $10 billion or more has increased since the pandemic. Before Covid-19, only 13% of respondents stated such an event was “likely” during the next five years. Today a third of respondents believe a $10 billion-plus loss event is at least a five-year event. The concern is greatest in Asia-Pacific.

Respondents to the survey include a cross-section of risk management, claims, underwriting, legal, brokering and analytics professionals from 56 countries.