Here is a review of recent GC Capital Ideas posts on the developing awareness to cyber risk exposure and the impact that emerging risk can have on businesses.
Cyber Risk: Cyber risk is one of the most pressing and public topics that industry is grappling with and is being addressed as a strategic priority in corporate boardrooms and by governments around the world. As the global economy becomes increasingly dependent on e-commerce and cloud computing, the susceptibility to cyber risk increases exponentially.
Cyber-Attacks: The UK Government has recognized cyber-attacks to be one of the most significant risks facing the country. The costs to businesses are rising as hackers become more focused and persistent in their attacks. Several attempts have been made to quantify the economic cost of cyber crime on UK businesses. While there are a wide range of estimates, figures consistently range in the billions of pounds.
Businesses and Their Exposures: As referenced in the table Taxonomy of Cyber Risk for Corporations below, the potential losses deriving from cyber-attacks or non-malicious information technology failures fall into 11 categories illustrated in the second table Loss Categories Deriving From Cyber Attacks and Non-Malicious IT Failures.