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An interesting report. As the insurance industry comes to terms with cyber risks and our ability to manage them. Its a report that contains some interesting statistics on the size of the cyber risk problem. As ransomware continues to grown, cybercrime is projected to to $24 trillion by 2027 and events such as Crowdstrike highlight both our dependency on digital and interconnected digital ecosystem.
https://lnkd.in/eVNTneHp
But what is the insurance industry, and governments going to do about it? Those in the cyber profession have watched all the metrics consistently rise over the past 10 years and no amount of spend on cyber seems to have slowed the negative effects of cyber. While the stated goals are admirable, they will not address the problem that insurers, and the public and private sector faces with cyber.
We are not building defensive cyber strategies; we have to much tech selling promises; not enough people to manage the cyber risk; we’re not placing accountability and responsibility for managing cyber where it needs to be; there are no agreed common, consistent, frameworks for cyber risk management and we are not treating cyber as a risk transfer problem with shared ownership and responsibilities. There is no single solution, cyber needs to be managed ‘left and right of bang’. An insurance backstop kicks the problem onto someone else’s plate, namely the tax payer.
The insurance industry has an opportunity to manage the global standard for risk transfer. It doesn’t have to just take risk, its can support clients transfer and manage risk between the board, shop floor and insurance to stop the growth in the coverage gap. Accepting there’s a problem is the first step; creating a solution comes next.
@Thaddeus Dziekanowski Brian D. McCarthy Faisal Khan Gerry Kennedy
Veritas GRC Senebria Zurich Insurance Marsh McLennan
#cybersecurity #cyberriskmanagement #cyberinsurance
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