Cyber risks

Cyber risks

Globalization and rapid technological advances will fundamentally alter the way we live, work, and relate to one another. There are unlimited possibilities with technology breakthroughs in fields such as artificial intelligence, autonomous vehicles, robotics. However, the rapid expansion and reliance on technology and interconnectivity is creating new risks for cyberattacks.

Cyber risk controls

Business drivers such as growth, profitability and competition drive this change to an 'extended enterprise'  as it makes organisations better, faster, and cheaper. However, this change also opens up organisations to new risks as they become increasingly dependent on interconnected IT systems and infrastructure exposing the organisation to new threats and vulnerabilities.

The tools and techniques used in cyber attacks, as well as the threat actors behind them, have also evolved. Nowadays, security breaches in high profile organisations are frequently headline news.

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Global trade disrupted by cyberattacks

As an insurer we are well aware of so-called “Black Swan” events, i.e. events that are deemed so unlikely that they are not really taken seriously when calculating risks. For many years this has been the case with cyber risks. Imperceptible. Unlikely. Intangible.

In June last year, global shipping giant Maersk Line, which handles one in seven containers shipped globally, was hit by a ransomware attack.

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Roll-out of cyber insurance products

Today process automation is integrated by means of robots and technology which can no longer be replaced after a loss by hiring workers at short notice because they will lack the knowledge, skills, tooling, and space to do the same job at the same costs.

The protection of Information Technology (IT) and Industrial Control Systems (ICS) should therefore be given top priority because as the unauthorized operation of IT and ICS may cause serious business interruptions as we have seen in recent cyber-attacks (e.g. WannaCry and NotPetya).

During these last couple of years, it has become obvious that "cyber" is part of our everyday life, with more and more things being connected with the internet and more and more business processes being dependent on access to the internet. With this connectivity and accessibility also comes the exposure for malicious tampering with your systems.

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More and more dangerous cyber attacks in the horizon

Cyber threats are testing companies’ risk management. This is a particularly tough test, because a networked threat environment requires a networked defence – and a global threat requires global risk management.

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