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Cyber risk has always been a business-wide threat.
There’s a disconnect in the boardroom as it relates to cyber. On one hand, cyber is recognised as a top board risk requiring investment. On the other boards are confident their organisations can recover from incidents. Is this a sign that board members are starting to feel as though what they are told about their cybersecurity and reality on the ground may be different?
Cyber has been a top board risk for several years. But as the Beazley report continues to demonstrate, there’s still a lack of commitment in the boardroom to invest in cybersecurity risk management. Even though cyber is a top risk, closely followed by AI risk, and the increase in cyber regulation.
Both the insurer and the insured now face the problem of demonstrating cyber risk management, and have a symbiotic relationship. A relationship that they need to better understand if they are to comply with cyber regulation and demonstrate risk management.
One wonders with the development of AI models, such as Mythos, that can automate the Cyber Kill Chain, if boards are so confident that they can recover from a cyber attack. JLR and Marks and Spencer stand out as two examples where recovery was expensive, and add to this that insurers are reducing coverage and introducing exclusions. Cyber resilience is a problem
@Thaddeus Dziekanowski Brian D. McCarthy
@Parava Security Solutions
#cybersecurity #cyberinsurance
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