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Reiterating the statement from the UK ICO, the UK faces a complacency issue with cyber. Bigger still is the issue that the insurance industry faces with cyber that will compound the problems of UK (and international) industry.
Rising premiums and falling coverage increases the self insurance gap between expected, unexpected and extreme loss. In simple terms cyber insurance, will unlikely cover in full the losses a ransomware attack for example generates.
U.S and EU regulatory proposals will further complicate cyber, as they set the compliance bar that board rooms will have to meet. But not just those of public companies, as regulators look to manage supply chain cyber risks. With 95% of companies falling into the SME category and are most likely unable to meet cybersecurity requirements the UK faces challenging times with cybersecurity risk management, unless there is a rethink of cyber assurance, attestation and risk mitigation.
Ted Dziekanowski
Gerry Kennedy
#cybersecurity #cyberriskmanagement #cyberlaw #theaugustagroup
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