Call us now:
Imagine for one moment last weeks Baltimore ship incident was due to a cyber attack. Then the answer to the question in the enclosed article is ‘Yes it is possible’. The cyber attack on UnitedHealth and Change Healthcare, has cost the U.S economy well over $1 Billion and what would the costs of a power outage in a Midwest city of say Chicago cost its residents and local industry? One would assume more than a $1 Billion.
The Baltimore incident is likely to stretch the insurance industry. With media reports of losses significantly greater than $1 Billion. (https://lnkd.in/eKp4NWxc).
Like the Baltimore bridge incident, the challenge for insurers and wider society when it comes to cyber attacks and insurance. Is how to account for the consequential losses that cyber attacks can generate. The direct losses to the insured can be costly, but the wider losses if an attack is well planned and targeted can be some much greater, as we are likely to see coming out of the United Health cyber attack.
What strategy does the insurance industry have in place to manage cyber risk. With the advent of cyber regulation, the insurance industry needs to consider how it moves ‘Left of Bang’, in support of its clients and the management of cybersecurity risks.
@Thaddeus Dziekanowski Brian D. McCarthy
Veritas GRC, U.S. Securities and Exchange Commission, European Union Agency for Cybersecurity (ENISA), European Commission, Office of the National Cyber Director, The White House, European Parliament, U.S. Cyberspace Solarium Commission, Federal Bar Association, International Security Journal (ISJ)
#cybersecurity #cyberriskmanagement #cyberinsurance #insurance
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