Call us now:
Ted Dziekanowski, an interesting set of observations from the WEF on why we didn’t see the much vaunted cyber attacks following the start of the Ukraine-Russia crisis. I wonder if there are additional observations as to why cyber attacks have not been the big event, many thought they would?
Firstly everyone is in everyone else’s networks, poking around in Critical National Infrastructure (CNI)? We know from the range of cyber attacks over the years that CNI is vulnerable, so much so that regulators are moving heaven and earth to implement cyber regulations to secure it. We could have seen bigger attacks.
The insurance industry is struggling to underwrite cyber risk, with premium increases, reduced coverage and policy exclusions. The PRA Solvency II scenarios released recently don’t explain the full picture, a catastrophic cyber attack would be very costly not so for cyber policies but more the contingent liabilities, maybe along the lines of the 2009 financial crisis and no one wants that given 3 years of COVID.
The Ukraine-Russia Crisis is contained, cyber attacks are demonstrated to leak out (Not Petya) and with our reliance on digital, likely to. That would upset more than just the countries hacking each other.
Attacking CNI at this stage could be ‘mutually assured destruction’, not catastrophic, but enough to really upset society when the power goes off. For people to turn inwards and look at their governments and ask serious questions. But it only takes one to flick the domino……
#cybersecurity #cyberriskmanagement #cyberinsurance #theaugustagroupan
View Original Post
https://www.linkedin.com/feed/update/urn%3Ali%3Ashare%3A7024671691108712448