Cyber attacks grow more frequent and costly

The number of ransomware attacks recorded by insurer Markel increased by 76% in the third quarter of 2026 compared to the same period in 2025. The average cost of cyber incidents for large companies has also doubled in the past year, and experts warn that attacks assisted by artificial intelligence could make the situation even worse.

Cyber threats impact more than just IT systems

Cyber threats can now disrupt production, supply chains, and customer services, leading to significant financial losses and reputational damage. Benjamin Satgé of Markel France warns that even well-protected companies may be vulnerable through their business partners. Sarah Saada of the insurer gives the example of a cyber attack that targeted refrigeration systems at several French retailers.

Markel expands cyber insurance for tech and fintech firms

Markel, which is preparing to celebrate its 100th anniversary, is expanding its presence in France, particularly among tech and fintech companies. It offers a single contract covering cyber insurance, professional liability, directors and officers liability, and fraud coverage. Some sectors, like fintech, require these insurances as a legal obligation to ensure financial protection for third parties.

Cyber attacks can involve multiple legal and financial risks

A cyber attack can trigger various legal and financial responsibilities across a company. Professional liability insurance covers claims from customers and partners, while directors and officers liability protects executives if their decisions are challenged. Shareholders have already sued directors for failing to prevent data breaches, and fraud can come from both employees and external sources like phishing.

Markel provides a unified response to cyber incidents

Markel’s insurance policies bundle different coverages into a single contract to simplify the claims process. This avoids confusion between insurers and ensures a faster, coordinated response. The company also has a 24/7 crisis management team to notify the CNIL, the French data protection authority, and to find experts in legal, IT, and communications. A dedicated fund helps companies communicate about data breaches to protect their reputation.

Markel helps companies prevent cyber threats through education

In addition to insurance, Markel supports companies by offering online training to improve employees' awareness of cyber threats. This proactive approach helps organizations identify and prevent potential attacks before they occur.