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Follow the money, but is there a cost?
Generally every year you have a good idea where the hurricanes are going to be, where its going to be hot and cold, dry and wet. Climate change is effecting that, but there’s 100’s of years of data and society has had time to prepare for climate related risk. Cyber is in a completely different ball park.
Cyber as a threat can come from any anywhere, be targeted or indiscriminate. Cyber threats can be generated by individuals, groups or a nations. Cyber maturity is poor. More than 95% of businesses are not prepared to manage cyber risks (95% of all companies are SMEs/ SMBs). Cyber attack frequency, complexity and severity of impact is increasing with little or no control. There is no data to correlate ‘Left of Bang’ with ‘Right of Bang’ cyber risk management, and cyber is now being regulated by several nations.
Remember it’s getting cold outside in the northern hemisphere, its Autumn, it happens every year without fail. I wonder if the U.S 30 year bond auction last week was expecting a cyber attack? Demonstrating our global digital and economic interconnectivity and reliance on cybersecurity.
Dip your toes in the ILS water with $100million bonds, but it’s a billions of $ capital problem. The cyber threat is growing unpredictably and cyber regulation is shifting cyber risk Left of Bang. Cyber regulation will drive risk mitigation and stability of risk management over time.
Insurers should consider focusing on supporting clients mitigate cyber risks ‘Left of Bang’ – https://lnkd.in/dGFVVjCi
To find out more reach out to the Augusta Group.
Ted Dziekanowski Brian D. McCarthy Rachel V. Rose, JD, MBA Bob Dix
#theaugusatgroup #cybersecurity #cyberriskmanagement
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