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5 April 2024

2024: A year of elections in an unstable world

National elections are taking place in over 64 countries in 2024, including in the US, Russia, Mexico, South Africa, Ukraine, Indonesia, Taiwan, the UK, Pakistan and India. Over two billion people are expected to go to the polls this year.

Against this backdrop of increasingly unstable geopolitics and global conflicts, the frequency and severity of cyber warfare may well grow.

Businesses could be exposed to spillover attacks from state-sponsored intrusions and to malware targeting software supply chains. The development of artificial intelligence (AI) provides bad actors with the ability to create and spread misinformation at scale and speed unseen to date.

Although not election year in New Zealand, businesses need to be aware of the risk posed by a disrupted global geopolitical environment. Geopolitical instability could drive an increase in systemic-type cyberattacks that can inadvertently catch New Zealanders in their web. One such example was the NotPetya attack in 2017. Believed to be sponsored by Russia and targeting the Ukraine, thousands of businesses were affected in over 60 countries.

What this means for our clients

There are some key ways you can safeguard your business from cyberattacks. These include keeping your cyber security up to date and implementing an ongoing staff training programme. It is also important to regularly review business risks and cyber cover options with your broker to ensure ongoing protection from increasingly sophisticated and active cyber criminals.

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Further information

If you have any questions or want to understand the impact of these changes on your specific situation, please contact your Gallagher broker.

For more information on issues impacting the insurance market read our March 2024 Insurance Market Update. 

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