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It has taken time, we have watched the cyber risk needle swing left and right. We are now seeing the needle swing fully in the direction of cyber risk, as Allianz reports that cyber is the top business risk for 2024. Reflecting cyber as the biggest issue facing companies globally, according to Allianz.
Why? Cyber incident frequency, complexity and severity of impact have increased year on year for the past 5 years. Cyber maturity has not kept pace with the growth in cyber attacks and both the insured and cyber insurers are unable to address the cyber coverage gap.
What? is the solution, has anyone got a solution? While some nations are actively regulating cyber risk management, not all industry sectors are covered. We do not yet have the skills and experience necessary to manage cyber risk across the public and private sector. The cost of cybersecurity risk management is in many case, a significant cost of doing business.
How, are boards going to deal with it, nothing seems to have worked so far. You cannot spend your way out of the problem; you cannot insure your way out of it; cyber is now a legal, compliance and regulatory issue for boards, that may find themselves facing civil and/ or criminal penalties for not managing the risk.
It’s why we have developed solutions that enable boards understand and address the problem, from the board room down and shop floor up. Solutions that we have developed with combined cyber, risk, legal, compliance and educational knowledge and experience, working with highly regulated industries and Federal Agencies, spanning well over 70 years.
Ted Dziekanowski Brian D. McCarthy
Veritas GRC
#cybersecurity #cyberriskmanagement #cyberregulation
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