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A further cyber readiness report, that is worth a Sunday read from Hiscox. What’s buried in the data is important as the trend of cyber reports from the insurance industry is conveying a similar message. Cyber attacks are on the up; the percentage of companies suffering at least one cyber attack is rising; the median costs of a cyber attack is up and smaller firms are being targeted more frequently.
The report is a trove of interesting information that can be hashed with other data we know, to paint a picture of cybersecurity maturity and readiness. The report indicates that more needs to be done by industry to protect against cyber attacks and organizations need to focus on ‘Left of Bang’ ahead of ‘Right of Bang’, as the effect of cyber insurance as a risk transfer tool is predicated on an organisation benign able to manage cyber risk through its financial statements and cover the gap between its own risk management and the cover that cyber insurance provides.
One expects that we will start to feel the effects of cyber regulation across industry sectors over the coming 12 months as the EU and U.S drive compliance up and down supply chains.
Ted Dziekanowski Brian D. McCarthy Bob Dix Rachel V. Rose, JD, MBA
#cybersecurity #cyberriskmanagement #cyberregulation #cyberinsurance #theaugstagroup
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