What will cyber-risk look like in 2030? Given the rate of change of technology this may seem like an impossible question to answer. But for those making investments that depend on these new technologies and the risk that surround them – either managing or insuring the risk – it’s critical that these investments are being made not only with a 12 month horizon in mind, but with a projection that extends over the next five or even ten years.
To facilitate this important discussion, RMS is delighted to be co-hosting an event at the University of Cambridge Judge Business School on “The Future of Cyber Risk”. To be held on July 24, the event will challenge cyber risk specialists and risk managers to think beyond the next 12 months and to consider how cyber could evolve over a five- to ten-year horizon.
In particular, the event will focus on the potential paradigm shifts that could provide strategic shock, and how business strategies should be developed to cope with this uncertain future.
Changing Cyber Risk Trends
It’s an obvious statement that technology trends are changing fast. Some of the most pervasive tech innovations are now only just in their teens; Facebook is 15 years old; the Apple iPhone is 12, Uber and Airbnb are 10 – all from a standing start to being almost ubiquitous across the developed world.
And it’s the same story in the business world. In our recent cyber risk outlook report, RMS highlighted that the digital economy is now responsible for almost a third of the GDP of developed economies, up from just three percent a decade ago. Businesses are increasingly seeing the digital revolution as the key to disruptive growth, using machine learning and artificial intelligence techniques to identify trends and patterns and drive agility in the way they connect to their customers.
The successors in this new world will be the companies that are able to embrace these new technologies, taking advantage from the huge benefits they offer – but at the same time managing the increased risks posed by the digital innovations.
This is reflective of the approach insurers need to take. Cyber risk is not going away, and with premiums continuing to grow in double-digits and penetration rates still low, there is clearly a growing role for the insurance industry to play in supporting this digital revolution. However, given both the potential for hidden accumulations of risk, and systemic events to wipe out many years of profitable business, the cyber insurance market needs to approach with caution.
A Multi-Disciplined Challenge
As with any man-made risks the future is uncertain. However, having a good understanding of the underlying drivers of the risk is the first step in building a picture of the future.
The factors that drive cyber risk are extremely broad – ranging from geopolitical to corporate risk management, and from technology capabilities to international law enforcement.
To address the range of topics, the conference will bring together world-leading experts from a range of disciplines. Presentations will be given by CISOs, academics specializing in cybercrime and cybersecurity, experts in threat intelligence, ethical hackers, insurance professionals and more.
- Andrew Coburn, Senior Vice President, RMS; Chief Scientist, Cambridge Centre for Risk Studies
- Conrad Prince, former U.K. Cyber Security Ambassador, former Director General – Operations, GCHQ
- Eireann Leverett, Founder and Chief Executive Officer, Conncinity Risks
- Jasson Casey, Chief Technology Officer, SecurityScorecard
- Stephen Boyer, Founder and Chief Technology Officer, BitSight Technologies
- Rob Chandhok, Group Chief Technology Officer, DMGT
- Sarah Stephens, Head of Cyber, Marsh/JLT Group
- Eric Durand, Head of Cyber Center of Competence
For details on the conference, including a full agenda and speaker list, and to register your interest in attending, please click here.