Call us now:
As a cybersecurity and risk profession, who has led cyber and risk management across 1st and 2nd lines, it is clear that we need to rethink cybersecurity as a society. The outgoing head of the ONCH Chris Inglis has reiterated this many times, and this paper starts to touch on the need to re-evaluate cybersecurity.
We need to understand why we spend so much on cybersecurity and are still losing the battle. 2021/ 2022 saw an explosion in ransomware and we have witnessed an explosion of cyber attacks from January 2023. Exploiting unpatched vulnerabilities and exposing CNI and the cyberinsurance industry is now realizing (quote Zurich CEO) cyber is an uninsurable risk, at least economically.
We need a fundamental rethink of what we as a society are doing wrong, and what we need to do to manage cybersecurity. We are likely facing a systemic risk and throwing technology at a problem we do not understand and not collectively managing won’t fix it. We need both a carrot and stick approach, making organisations accountable and responsible for managing cybersecurity, and help them achieve compliance. (See my previous post about the 99% problem).
Cyberregulation is coming, we need collective solutions to manage delivery and reach compliance.
Ted Dziekanowski Rachel V. Rose, JD, MBA Bob Dix
#cybersecurity #cyberriskmanagement #cyberregulation #theaugustagroup
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