In the new normal world of cyber risk, a recently released study by Zurich Insurance Group and the Atlantic Council looks at the cyber risks faced by businesses both large and small. The information below is an excerpt from an article by Hannah Bender published in PropertyCasualty360. To read the entire contents, click on the link at the end of the article.
Beyond Data Breaches: 7 Aggregations of Cyber Risk
The Internet continues to be a driving source of connectivity, permeating all facets of society, and although we can benefit from it in so many ways, there is no denying the risks and shocks on a global level that risk managers, corporate executives, board directors and government officials may be not be prepared for. Though technological advancements and dedicated technicians have made the internet more resilient to attack, the potential for future attacks could be catastrophic, affecting globally interconnected systems.
Zurich Insurance Group and the Atlantic Council’s latest report, “Risk Nexus: Beyond Data Breaches: Global Interconnections of Cyber Risk” explores new risk management insights on cyber risk, shocks and resilience. For the full report click here.
The report details system-wide and local-risk recommendations based on an analysis of the impact of possible shocks. But cyber risks are not self-contained within individual enterprises, so to understand the risks, managers must expand their horizons, and recognize the “cyberization” of risks, as organizations are unknowingly exposed to risks outside their own organizations, having outsourced, interconnected or otherwise exposed themselves to a complex, unknowable “network of networks.”
View the entire article from PropertyCasualty360.
A Word from Dean & Draper
Cyber threats are a huge new challenge to business owners and don’t show any signs of slowing down. If you have questions about your risk factors or cyber insurance, please give us a call.
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