Tag Archives: #ChatCyberRisk

Cyber Risk Under the Spotlight: RMS and NetDiligence #ChatCyberRisk

The Twitterverse got its chance to pose cyber risk questions to a panel of distinguished experts at the NetDiligence® Cyber Risk Summit in Santa Monica on October 16. RMS and NetDiligence teamed up to host a live #ChatCyberRisk Q&A session at the conference. The experts on hand included Vinny Sakore, Chief Technology Officer, NetDiligence; Russell Thomas, Principal Engineer – Cyber, RMS and Christos Mitas, Vice President – Model Development, RMS.

Which cyberattacks will grow in prominence? Vinny Sakore sees more and more attacks against individuals – especially high net worth individuals, with personal cyber insurance coverage becoming an important issue in the future.

And the biggest driver of cyber risk for organizations? Russell Thomas stated that the main ones remain; contagious malware (including ransomware) and data theft/exfiltration will continue to be the most prominent types of attacks with potential for severe or catastrophic loss to victims. The number of attacks will also grow as more firms, government organizations, schools, etc. become more dependent on automated processes and e-commerce. Financial risk due to business interruption stands out as the immediate risk driver; in a 2018 survey of 1,300 global companies, 34 percent of companies reported business interruption due to cyberattack.

Continue reading

What the Hack? Your Chance to Engage with a Cyber Risk Expert

If you are a business insurer, then your clients are typically being exposed to cyber risk. As RMS has discussed previously in our 2019 Cyber Risk Outlook, the digital economy has become more pervasive and now accounts for almost a third of the GDP of developed countries, and e-commerce now represents 14 cents in every U.S. dollar spent in retail. The “attack surface” vulnerable to cyber risk expands as more and more business devices are being connected to the Internet, with technologies become more standardized, homogenized, and cloud dependent.

So, it’s never been more important to understand the cyber risk landscape, whether you are a dedicated affirmative cyber insurer or exposed to “silent-cyber” – where potential cyber-related losses stem from traditional property and liability policies not specifically designed to cover cyber risk.

Continue reading