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Spotlight on
Cyber & Technology Risk 2024

Resilience in a game-changing environment

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In today’s era of accelerating cyber and technology risks, organisations are on the front line. No matter the size of the business or what sector they operate in, they will face challenges.

Our 2024 Risk & Resilience research reveals that while technology offers significant opportunities and benefits, it also presents new and heightened challenges for business leaders, many of whom are unprepared for the current and future landscape.

We explore the trends in cyber crime and artificial intelligence (AI) while discussing how regulatory risk and technology obsolescence is creating new challenges for business leaders.

Key takeaways

  • For brokers

    1. A growing blind spot around the nature of cyber risk.  73% of global executives surveyed believe they are prepared for cyber risks.  Our claims data shows us this is not the case, and there is an urgent need to educate firms on the changing face and sophistication of cyber crime and the importance of ‘always on’ cyber resilience strategies.
    2. The buck stops with the board. C-suite executives are ultimately responsible for their firm’s risk management of cyber and technology risks. If they get this wrong it is likely to not only result in business interruption, reputational damage and potential regulatory issues, but also directors’ & officers’ liability claims .Firms need insurance programmes that cover the full spectrum of cyber risks they face.
    3. Role of insurance. 23% of our survey’s respondents are looking to improve their resilience via insurance and, in particular, insurance with additional risk management services offered. Clearly, many recognise the benefits of the insight and expertise that the insurance industry can offer.

  • For businesses

    1. Innovation walks hand in hand with risk. While the advent of new technologies, such as AI, offers the opportunity to streamline operations and increase efficiency, it also presents significant risk. The pace of innovation can leave firms exposed to risk linked to tech obsolescence, more sophisticated phishing attacks, and accusations of bias in new AI systems.  Staying ahead of the curve has never been more important.
    2. As the world digitalises and moves into the Cloud, businesses are being targeted by cyber criminals through their suppliers. With cyber criminals favouring the path of least resistance, the need for businesses to assess their third party relationship vulnerabilities is increasingly important.
    3. More than a safety net. While insurance can provide an important safety net, no business is immune to the threat posed by cyber crime. Elevated risk requires elevated resilience and firms need to be on the front foot and use all the tools at their disposal to defend against a cyber incident. Businesses can work with insurers to build resilience and improve their cyber security.

Top findings from our Risk Resilience cyber & tech research

Global business leaders told us

Read On

 

  •

    The Changing Face of Cyber Crime

    Cyber crime represents one of the greatest transfers of economic wealth in history.

  •

    The Need for Speed

    Firms need to respond to new cyber threats fast.

 

 

  •

    AI-enabled Cyber Crime:

    The Next Frontier?

    Cyber criminal groups are using AI to enhance their activity, and be more daring in their attack tactics than ever before.

  •

    Ahead of the Curve or Behind?

    As businesses scramble to stay ahead, the risks of reaching too far too fast and leaving operations exposed to external threats increase.

Regulatory Landscape

Fit for Purpose?

What happens when technological innovation outpaces the ability of regulators to keep up?

“There's a really interesting dynamic here between the perception and the reality of cybercrime.”

Marcello Antonucci
Claims Team Leader - Cyber & Tech

In the face of an ever-evolving threat landscape, specialty insurers must harness the power of expertise to provide businesses with vital insights and a safety net. This year, 23% of global business leaders are seeking to explore insurance options that include crisis and risk management services, and 46% of global leaders said their trust in insurers has increased.

We have a crucial role to play. By leveraging claims, incident data, and threat information data and insight and translating this into actionable guidance to help elevate resilience for a range of cyber and tech risks, we can help our clients to better mitigate these ever-evolving risks.

“By strengthening risk management posture, companies become a more attractive risk for insurers and can value from a long-term partnership by having their expertise by their side when needed.”

Melissa Carmichael
Head of Cyber Risk, US

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Next Steps

Being reactive is no longer enough.
 
In this era of escalating threats, effective risk management requires cutting edge security expertise, and the latest risk insights - fast. 

Businesses must build a living and breathing cyber ecosystem, a long-term risk management strategy that seeks to pre-empt the risks, adapt risk mitigation strategies as risks morph and evolve, and considers how they will respond and cope in the face of an incident.

“Over the last few years, we've seen cybercriminal organisations become increasingly sophisticated.”

Francisco Donoso 
Chief Technology Officer

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