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Closing out Cyber month a great report from AXA that reviews the top risks for 2023. With cyber in the number 2 slot behind climate change and keeping within the number 3 position consistently for the past 5 years. The report concludes that the world is in a ‘polycrisis’ of interconnected risks.
One has to say that cyber has the potential to be a catalyst to a lesser or greater degree for the top 3 risks behind climate change and cyber (Geopolitical instability, risk related AI and big Data, and energy risks), also in part ratified by the recent Lloyds report on the effect of system risks. Cyber also retains a strong position across western democracies as assessed by Experts and catching up when questioned by the General Population.
Cyber risk regulation provides opportunities and threats to the insurance industry. As cyber regulation shifts cyber risk management ‘Left of Bang’ into the boards of covered entities. Cyber regulation acts as a risk transfer tool, reducing the effect of cyber on insurance companies. Transferring the risk and cost of cyber compliance onto financial statements of covered entities. Cyber regulation also raises questions over D&O insurance and whether or not breaches in cyber regulation lead to increased liability for Directors and Officers if D&O insurance does not cover failures in regulatory compliance?
The report had +23,500 respondents in 2023, making it a significant sample size.
Ted Dziekanowski Brian D. McCarthy @bob dix Rachel V. Rose, JD, MBA
#theaugusatgroup #cyberriskmanagement #cybersecurity
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