As a sector intrinsically tied to digital technology, cyber insurance is known for its dynamic and evolving nature. Looking toward the remainder of 2020, as COVID-19 upends how businesses interact with technology, the reinsurance market sees a number of emerging trends that present both potential challenges and opportunities.
The COVID-19 pandemic has created an abrupt and unforeseen need for entire workforces to be moved out of corporate facilities and into virtual environments, with an estimated 62 percent of employed Americans saying they have worked from home during the ongoing crisis. For many companies, a shift of this magnitude would normally require long-term IT transformation efforts, according to a briefing from Guy Carpenter-affiliate Marsh. Due to the pandemic’s speed, however, many IT departments have come to appreciate a military adage: “You must fight with the army you have.”
At the moment, there is no time for companies to create the armies they need. While many organizations are now reconfiguring networks and systems to serve the needs of fully remote workforces, the success of these transformations is often being limited by less-than-optimal technology capabilities.
While a company’s IT infrastructure may be stressed by a significant increase in demand, cyber threat actors are actively seeking to exploit weaknesses that may exist in newly implemented or temporary IT infrastructures. Below are some recommended steps, considerations and tips to help protect organizations from malicious cyber threats.
Guy Carpenter’s Cyber Global Center of Excellence is actively following and responding to significant developments in the cyber risk sphere and helping clients adapt to evolving technologies.