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Faisal Khan, while many of the stats are dubious. Everyone recognizes cyber as a threat to society, national and corporate security and we see demonstrations of its effects almost weekly. There’s not one corner of the globe that is not affected by cyber attacks or the cost of cyber compliance. Cyber a complex, impossible risk to economically insure, as we wrote back in 2022.
https://lnkd.in/dGFVVjCi
Closing the cyber protection gap is not something that is done within the insurance industry alone. Data sharing frameworks rarely works across any industry sector, let alone between governments. Except where national security is at stake and that’s been a bit dubious (WMD). In the case of cyber, sharing data has to be in near real time.
‘The Severe threat presented by cyber risk requires collective action’
One has always held the belief, presented and communicated to government that the insurance industry is a critical player in setting the global standards, processes and practices for cybersecurity risk management. Afterall risk transfer is what insurers do. It’s not a big leap of faith to conceive the insurance industry setting the ‘Left of Bang’ requirements for cyber, it already handles right of bang risk transfer. In the case of cyber regulated companies insurers will adjudicate on claims for both cyber and D&O (fail to comply to regulation?). So rather than ‘collaboration’, why not set the standards for cyber and collaboration’. Standards that provide national flexibility, as a common baseline for cybersecurity risk management. Afterall the medical, aerospace, oil, gas, telecoms and chemical industries do it.
If the insurance industry at large set the standards, much like the SEC, EU under DORA and NIS2, or Australian banking regulators are doing and support clients comply, wouldn’t everyone win?
A strategy we pulled together under the Augusta Plan back in 2021.
https://lnkd.in/e62Gjh-H
@Thaddeus Dziekanowski Brian D. McCarthy
Veritas GRC Senebria
#cybersecurity #cyberriskmanagement #cyberinsurance
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