Library: SwissRe – Cyber Resilience – A vital concept in today’s world
Executive summary :
Cyber risks have been an important topic for quite some time. But the COVID-19 pandemic and Russia’s invasion of Ukraine have made them even more prominent.
Remote working has increased risks
Working virtually from the home office and the use of the internet for a much broader range of services have increased exposure and our dependency on technology. In today’s world, whenever there are conflicts, we expect cyber operations to accompany them – from classic espionage to disrupting critical infrastructures and military operations, psychological warfare, and misinformation.
Cyber risks are a reality
Already the sharp increase in cyberattacks in recent years has brought to light two facts that many people were previously unaware of or at least strongly underestimated: First, the business world is highly interconnected. And second, the digitalisation of business processes is already so advanced that many companies cannot function when data or their systems are not available.
One of the most important principles in cyber is that there is no 100% security.
Risk mitigation is essential
As cyber risks, or more generally digital risks, become top business risks, cyber resilience becomes vital for all types of businesses. If you honor that principle, you understand that you not only have to protect yourself against cyber risks, but also be prepared for an event to happen.
- Cyber resilience is an organisation’s ability to deliver a sufficient level of business services despite adverse cyber events.
- This capacity to deliver must be comprehensive, and also include the supply chain.
- To maintain cyber resilience, the organisation must have a formal information security program, a dedicated team and a governance system that are integrated with the risk, crisis, business continuity, and education programs.
But resilience is also important
I strongly believe that insurance has an important role to play in the cyber resilience of organisations. There is, however, another important principle: Insurance can be part of the solution, it is not the sole solution.
The contribution insurance can make is to help mitigate the financial impact from these risks, to deliver concrete cyber risk management service and to help increase overall cyber maturity, all this subject to a proper level of cyber resilience as mentioned above.
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