Running a business is as much the management of risk as the accessing of opportunity.
There’s operational risk, financial risk, regulatory and compliance risk, strategic risk, reputational risk, business interruption risk to name a few. Then there is cyber risk, which is top of mind for businesses, according to the 2019 Allianz Risk Barometer.
Indeed Allianz said, “for the first time, cyber incidents is neck-and-neck with business interruption … with the two risks increasingly interlinked, reflecting the magnitude of the threat now posed by a growing dependence on technology and the malicious actions of nation states and criminals”.
The result Allianz said, citing the Centre for Strategic and International Studies, is that worldwide cybercrime costs have risen to $600 billion per year, up from $445 billion in 2014. In comparison, natural catastrophes run at an average of $208 billion per annum.
The pace at which cybercrime has become prevalent has left businesses struggling to cope, according to Tom Teixeira, Jamie Gale, Immanuel Kemp, and Mandeep Dhillon from management consulting firm Arthur D Little.
In a recent report, they said companies tend to focus on either technology or…
