The Institutes’ Post

In today's fast-paced world, supply chain risks are becoming more complex and unpredictable. From cyber threats to geopolitical shifts, insurers are playing a critical role in helping businesses navigate these challenges. Our colleague, Royston Ford, joins a group of experts as he predicts the role technology will play in influencing how insurers manage risk in this space. Check out the full article here: https://lnkd.in/eyVDgATC #Insurance #InsuranceIndustry #ChainRisks

Insightful article co-written by Munich Re’s Cyber Center of Excellence (Timothy Marshall) and Cyber Corporate Underwriting (Stephan Brunner) teams. Improving data quality is a journey, not a destination, especially as we think about the ever-evolving landscape of Cyber risk accumulation. The long-term sustainability of the Cyber re/insurance market and attraction of capital hinges upon us collectively finding better ways to remove uncertainty out of accumulation risk; better data quality is key in making huge leaps forward on this front. #cyberrisk #dataquality #cyberreinsurance #accumulationrisk #modeling #cybermodeling #teammunichre

It’s not just hackers leveling up — insurers and asset managers are going all-in on cybersecurity. According to Moody's, cybersecurity investments jumped 53% from 2019 to 2023. And now, 8% of IT budgets are dedicated to battling cyber threats (up from 5% in 2019). With the Americas accounting for a majority of cyberattacks, companies in the region boosted their cybersecurity spending by 65%. Meanwhile, nearly all respondents have multiyear cyber risk strategies, from risk assessments to rapid incident responses. Even with steep hikes in cyber insurance premiums, about 85% plan to hold steady or increase their coverage. It’s all about staying one step ahead. "Companies and organizations are also facing other looming challenges, including a growing cybersecurity talent shortage and the advent of generative AI, which will introduce new risks," lead author Leroy Terrelonge III wrote. Read the full report: https://lnkd.in/gNVxN4XA #insurance #cyberattacks #hackers #risk #reinsurance #rates #security #technology #ai #talent

My comments in Forbes on the cyber threat facing business and industry next year. #cybersecurity #cyberstrategy https://lnkd.in/g5KDHH_T

In the wake of the CrowdStrike incident yesterday that brought the world to a grinding halt, we must face the harsh reality: we are woefully unprepared for handeling #systemic risks. When critical sectors like banking, energy, healthcare, emergency services, commercial airlines, and telecommunications are adversaly impacted/compromised, the risks cut across other sectors and nations. The incident that unfolded July 19th 2024 was not a Cyberattack but it does pose a valid question. Are we prepared to deal with a systemic risk that impacts a nation or multiple nations? In 2018 in The Netherlands I was lucky to work with the founding members that set up TIBER and executed the first ever TIBER pilot. The TIBER framework, initially set up by the Dutch National Bank and later adapted by the ECB, offers a blueprint for assessing systemic risks. It's time to expand such proactive resilience testing beyond the financial sector to all critical industries. Stricter regulations for managing these risks are imperative. As cybersecurity professionals, our responsibility transcends competitive dynamics. We must leverage this incident as a learning opportunity, fostering a culture of preparedness and resilience. Cybersecurity is a team sport. Remember that. At BreachLock Inc we support and applaud all professionals that are working round the clock to ensure the world starts to look normal ASAP! #CyberSecurity #SystemicRisk #Resilience #CrowdStrike PS: More info on TIBER - https://lnkd.in/e2zKw_kd Latest Info and Help for those impacted -https://lnkd.in/euqrbeKe

📣 Governments need to do more to regulate cyber risk. They’re good at going after threat actors who attack our critical infrastructure. But who’s looking out for small businesses? These organizations make up a huge sector of the global economy, yet they’re left to fend for themselves. ➡️ How governments can help: Work with cyber insurance providers to build an incentive structure for software vendors to make security a top priority. “The government needs to provide help and the right incentive structure — not only incentives but also compliance and regulations.” — At-Bay Founder and CEO Rotem Iram speaking at the Axios House in Davos, World Economic Forum Annual Meeting 🔐 We are dedicated to helping organizations succeed despite today’s rapidly changing threats. And the best way to do that is to work together. #cyberinsurance #WEF24

Our Spotlight On Cyber & Technology Risk 2024 report is live! This year's report looks at building resilience in the face of accelerating cyber and technology risks. Discover why 25% of firms are planning to invest in AI this year and why 68% believe AI will reshape the job landscape in our latest report: https://ow.ly/WAf250T4bC7

A new report from the IMF has highlighted the growing threat of cybercrime. Attacks have doubled since the pandemic and the risk of extreme loss is increasing exponentially - see the dark blue bar on the right of the chart. The financial sector has been a particularly attractive target, suffering more than 20,000 attacks and $12billion worth of losses over the last 20 years. This represents one fifth of total global attacks. The IBM Security Threat Intelligence Index also highlights manufacturing, utilities, retail and healthcare as industries particularly at risk. While the financial losses are vast, the indirect losses are even greater - particularly in the threat they pose to an organisation's reputation. In the digital age, any disruptions to service can be highly damaging and where problems persist over time the company may never recover the lost trust. In my experience tracking corporate reputation, it is clear that the way a company responds to such a crisis can become a defining feature of its image for many years - both good and bad. For organisations this highlights the growing importance of investment in cyber defence, as well the crucial role of crisis management frameworks. With AI predicted to lead to growing cybercrime in the years ahead, the urgency of action in this area is only increasing. #cybercrime #cyberthreat #crisismanagement #reputationmanagement

Allianz Risk Barometer 2024 ➡ The top risks and major risers in this year’s annual business risk survey reflect the big issues facing companies around the world right now – digitalization, climate change and an uncertain geopolitical environment. Many of these risks are already hitting home, with extreme weather, ransomware attacks and regional conflicts expected to test the resilience of supply chains and business models further. ➡ Cyber, business interruption and natural catastrophes: the top risks for businesses in 2024 https://lnkd.in/dkPm9JqW #allianz #cyber #ransomware

Allianz Risk Barometer 2024 ➡ The top risks and major risers in this year’s annual business risk survey reflect the big issues facing companies around the world right now – digitalization, climate change and an uncertain geopolitical environment. Many of these risks are already hitting home, with extreme weather, ransomware attacks and regional conflicts expected to test the resilience of supply chains and business models further. ➡ Cyber, business interruption and natural catastrophes: the top risks for businesses in 2024 https://lnkd.in/dDmN6zkD #allianz #cyber #ransomware