Addressing the OECD’s Unleashing the Potential of the Cyber Insurance Market conference, Marsh chief executive John Doyle told delegates that a new approach is needed to cyber risk:
He said: “Technology is rapidly transforming our personal lives and our businesses. But as we embrace digital we also recognize there is a cost – including an increase in the frequency and severity of cyber threats.”
The WannaCry and NotPetya cyber attacks resulted in over $1bn in economic losses and, for the first time, cyber attacks and data fraud are both among the top five likeliest global risks according to the World Economic Forum.
While this has made cyber a more visible problem, and led to increased investment, Doyle cautioned: “Awareness is growing. More money is being spent. But, is that leading to a reduction in cyber risk? The answer is: not yet.”
What is the cost of cyber attacks to businesses?
The 2017 WannaCry and NotPetya cyber attacks alone resulted in $1bn of economic losses. Accenture estimates US$2.4m as the average cost of malware attack spend and the top cost to companies. According to Accenture, 50 days is the average time to resolve a malicious insiders attack,…
