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Thank you for posting Olaf Classen. This cybersecurity risk management report by Munich Re paints a dire picture of organizational cybersecurity. From a sample size of 7,500 people across 15 countries. 87% of all C-level respondents report that their company is not adequately protected against cyber attacks.
As cyber attacks are rising, targeting corporate data and critical infrastructure, concern is rising that organisations are not prepared for cyber attacks and ill prepared to manage cyber risk. With Munich Re making clear that there is an undeniably, disproportionately large insurance gap.
With the report making clear with technology, and digital transformation high priorities for companies for business growth and efficiency, the role of cyber insurance will increase. As will the requirement to manage the increased vulnerabilities that digital growth also delivers.
Unfortunately the coverage gap will increase if organisations do not start to address cybersecurity risk management. A requirement that is increasingly being regulated by nation states. Regulation that increases the visibility of cyber risk, that one has said many times is an opportunity for the insurance industry to move ‘Left of Bang’. Adapting insurance policies, oversight and assurance to support clients reduce the overage gap.
@Thaddeus Dziekanowski Brian D. McCarthy Rachel V. Rose, JD, MBA Ryan Buckner
Veritas GRC Munich Re
#cybersecurity #cyberriskmanagement #cyberregulation
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