The company logo of German reinsurer Munich Re is seen before the company's annual news conference in Munich, Germany, March 16, 2016. REUTERS/Michaela Rehle/File Photo FRANKFURT (Reuters) - The fallout of the WannaCry “ransomware” cyber attack is manageable for the global insurance industry, German reinsurance giant Munich Re (MUVGn.DE) said on Monday. Munich Re, which insures against cyber risks as one of its business lines, declined to provide figures on its exposure to the latest WannaCry attack. “Insurance can help companies cope with the consequences of such attacks and contribute to prevention through risk analysis,” Munich Re said through a spokesman in an emailed statement. “Insurance companies can make an important contribution here.” “WannaCry is a well manageable event for the insurance industry,” Munich Re said. Officials across the globe scrambled over the weekend to catch the culprits behind a massive ransomware worm that disrupted operations at car factories, hospitals, shops and schools. Reporting by Tom Sims; Editing by Maria Sheahan
The global insurance industry will be capable of managing the fallout from last week's WannaCry ransomware attack, according to a statement by Munich Re. The German reinsurer provides cyberattack coverage as one of its business lines. "Insurance can help companies cope with the consequences of such attacks and contribute to prevention through risk analysis," said a company spokesperson in an email to Reuters.