In an age where digital operations are paramount, the resilience of the cyber insurance industry in the face of recent systemic cyber incidents – often dubbed “cyber hurricanes” – highlights an essential reality for businesses today: preparing for the inevitable.
While six significant incidents in the past few years—namely those involving SolarWinds, Accellion/Kiteworks, Kaseya, Progress Software’s MOVEit, Change Healthcare, and CrowdStrike—may seem like minor disturbances in the grand scheme, they offer critical lessons in cyber risk management and incident preparedness.
Understanding cyber hurricanes
Cyber hurricanes are major cyber events that can cause widespread disruption, often affecting numerous organisations and their clients. While the aforementioned incidents may not have reached the catastrophic level of a “black swan” event, they nonetheless disrupted millions of operations and served as a wake-up call for companies to re-evaluate their cybersecurity postures.
Industry experts often refer to these incidents as “kitty cats,” a term that denotes their relative severity compared to what could potentially happen. However, the analogy is misleading;…
