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Adam Gladsden, always an interesting read, the latest updates and insights from Munich Re on cyber insurance and the cyber insurance market. Least of all when you consider the size and scale of the cyber threat and global projected costs by 2028. Costs that will exceed the combined economic output of Germany, Japan, and India. Less than the GDP of the US and China.
The threat landscape is developing rapidly, with extreme geopolitical tensions driving cyber attacks. When you drop down below extreme geopolitics, invariably, the nature of cybersecurity is such that threat actors, who do not wish to focus on national security, take advantage of geopolitical tensions to capitalise on growing instability to launch cyber attacks. Taking advantage of the ‘Cyber threat community’ to leverage threat vectors, tools, and tactics used by nation states and nation state proxy’s. Cyber is the only security domain where this is effectively used en masse (we don’t all have our own tanks or fighter jets).
AI is not starting to appear in insurance reports, as there’s growing recognition that both the adoption of AI by corporations and the use of AI by threat actors is now a major threat to corporate stability and security. AI, by its nature, is a security concern. Allowing autonomous systems to manage business processes and controls without guardrails is a disaster waiting to happen. more so when you consider the general levels of cybersecurity most companies have. AI is also proving to condense the kill chain down to days from weeks. Automating intelligence gathering, vulnerability exploitation, and lowering barriers to entry. Board governance over AI is the only real short-term solution to AI risk management. Knowing what AI you have, how to manage the risks, and how to counter the external threat from AI is a board governance issue.
The cyber insurance market is still fixated on the only thing that it knows, and that’s Right of Bang’. It’s paying little or no attention to the fact that cyber risk management is a regulated risk that requires ‘Left of Bang’ thinking and risk management. Until it wakes up and addresses cyber as a board, risk management, and regulatory problem, it will not find solutions to economically underwrite cyber risk, as it does with other insurance classes.
@Thaddeus Dziekanowski Brian D. McCarthy Liz Sandwith CFIIA
@Parava Security Solutions
#cyberinsurance #cyberriskmanagement #ai
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