Only 43 percent of insurance executives believe their cyber defense is fully functional. In this Insurance Insight of the Week, Michael Costonis looks at business resilience in the face of cyber risk.

More and more, we hear about cyberattacks on businesses, phishing scams that expose sensitive data—and even cyber-ransom, such as the case of a Los Angeles hospital whose computer systems were held ransom for $3 million in bitcoin. When it comes to cybersecurity, the question is when, not if, an attack will happen. In this Insurance Insight of the Week, we’ll look at how insurers can foster business resilience in the face of cyber risk.

When it comes to risk from cyber attacks, it’s a matter of when—not if

Click the image below for a large version of the Insurance Insight of the Week.

When it comes to cyber risk, it’s a matter of when—not if

These results illustrate the gap between executives’ perceptions of their business resiliency and the reality of their organizations’ ability to address cyber attacks. All insurers should make sure their businesses can adjust to disruption—and when attacks happen, be able to minimize the impact on customers, supply chains and internal operations.

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