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New Approaches to Understanding and Modeling Cyber Risk

On October 21, 2016, a distributed denial of service attack (DDoS) rendered a large number of the world’s most popular websites inaccessible to many users, including Twitter, Amazon, Netflix, and GitHub. The internet outage conscripted vulnerable Internet of Things (IoT) devices such as routers, DVRs and CCTV cameras to overwhelm DNS provider Dyn, effectively hampering i ... Continue Reading »

A New Boldness in Tackling Emerging Risks – Part II

For many risk leaders, implementing the seven imperatives in the previous article will prompt a rethink of the team’s capabilities and culture. Operationally, these strategies call for greater experimentation in analytics, creativity in stakeholder engagement, and agility in developing insights on the materiality of pressing concerns. Strategically, it means championing threats ... Continue Reading »

Healthcare & Cyber Risk – Cyber Insurance to Manage Exposure

Key risks that healthcare organizations face today include patient data exposure, shared system data exposure and employee exposure. Recognizing that cyber risks cannot be eliminated, healthcare organizations are beginning to look to insurance or cyber risk transfer programs as a way to shift the risks, not just as a solution for balance sheet protection but also for ... Continue Reading »

Cyberattack – Limiting Financial losses

In the event of a debilitating attack, cyber insurance and associated services can limit an organization’s financial damage from direct and indirect costs and help accelerate its recovery. In the study Cyber Risk Management: Response and Recovery, from Marsh & McLennan Companies Global Risk Center and WomenCorporateDirectors, an example is provided that as a result of the N ... Continue Reading »

Healthcare & Cyber Risk – Quantifying Exposure

The new study, Holding Healthcare to Ransom by Marsh & McLennan Companies Global Risk Center, reports that about 56 percent of healthcare respondents in the Marsh-Microsoft Global Cyber Risk Perception Survey say their organizations measure the cyber risks that they are exposed to, but a significant proportion do so using qualitative methods. ... Continue Reading »

Healthcare & Cyber Risk – The Need to Distribute Cyber Risk Management

Cyber risk management in the healthcare industry is still perceived to be driven by the IT department only, rather than overall enterprise risk management. According to healthcare respondents in the study Holding Healthcare to Ransom by Marsh & McLennan Companies Global Cyber Risk, 83 percent indicated that responsibility for cyber risk sits mainly with IT professionals and ... Continue Reading »

Healthcare Target of Increased Cyberattacks

Over the past decade, the healthcare industry has been haunted by headlines of data breaches. Three of the largest reported incidents impacting healthcare organizations in 2015 alone affected more than 100 million patient records and resulted in hundreds of millions of dollars in settlements. Data and cyber breaches have real financial and reputational impacts. ... Continue Reading »