Cyber risk is an escalating threat and one of the most challenging issues facing the world today. Attacks are becoming more frequent, more intense and more sophisticated. Motivations are wide-ranging - from financial gain to threatening critical infrastructure and national security - and the nature of attacks is constantly changing. With cyber risk, there is an active adversary so defenses need to be increasingly sophisticated to keep pace.
The cost to businesses is rising sharply. Economic harm resulting from a cyber-attack can take many forms, including loss of intellectual property, business interruption, property damage, direct financial loss and reputation damage. Given this potential risk of loss, companies are spending extensively on cybersecurity technology and services to help mitigate the risk and buying cyber insurance to transfer some of the risk. The total economic impact of cyber, combining operating costs and risk of loss, is substantial and growing.
With all that in mind, Marsh & McLennan Companies has compiled the Cyber Risk Handbook 2015: Perspectives on Prevention, Preparation & Response. The report provides insight and perspective on the challenges stemming from cyber risk, as well as ideas on how to approach cyber risk assessment and management. The compendium includes articles, report extracts and perspectives from business leaders across Marsh & McLennan Companies as well as outside experts with whom we collaborate. It examines the full spectrum of cyber risk from a macro to a micro level and includes such topics as evolving cyber regulation, the value of sharing threat information, the role of the board, developments in insurance markets, cybersecurity talent challenges and implementing effective response plans.