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An article well worth reading. The systemic impact of ransomware, its impact across the corporate balance sheet, from top to bottom line and up and down the supply chain is a problem for the insurance industry. Hacking is a well managed industry and like all industries hackers understand their market and ‘customers’. They know that companies are in a difficult position once hacked, it creates a situation which cannot be easily managed or controlled. What bargaining power do you have when the hacker has the keys to your data and has little chance of being caught. It’s a very simple risk vs. effort model with low risk, low effort and high reward.
‘Silent cyber’, which is the impact on other insurance categories created by cyber, along with the financial burden a ransomware creates is an issue for the cyber insurance industry and business. Creating an impasse which neither side has been able to break. The insurance industry requires risk data to write and the underwrite policies, data on the threat and impact of the risk which is evolving. Companies have long assumed that insurance is there to mitigate risk, at the expense of risk management and control.
Cyber is a risk which has baffled both parties, its rise in prominence, threat and impact has caught many by surprise. It requires a change in thinking by the insurance industry and a recognition from companies that they need to do more to manage the risk, as it’s to expensive for insurance alone to mitigate.
Jason Spezzano‚Â Brian McCarthy Ted Dziekanowski
#theaugustagroup‚Â #theaugustaplan‚Â #cybersecurity‚Â #supplychainriskmanagement‚Â #cyberriskmanagement‚Â #compliance‚Â #cyberinsurance‚Â #insurance‚Â #regulatorycompliance‚Â #regulatoryoversight‚Â #esgrisk‚Â #cyberregulation‚Â #esgreporting‚Â #soc2‚Â #defenceindustry‚Â #esg‚Â #defence‚Â #dodi500090
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