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Exploring the cyber risk landscape – Lloyd’s Lab

Fri 12 Jul 2019

In the last Lab Lunch we explored cyber risks in collaboration with Axis Cyber Centre of Excellence team. Here are the key takeaway messages:

1. Cyber Security is not just an IT problem. If information or technology is compromised or goes down, it is really a business problem.

2. The current cyber insurance market is predicted to triple in size by 2020. Technology developments like the internet of things, autonomous vehicles and the cloud are reshaping the cyber risk landscape.

3. While we have prevention methods in place, we are not as good at detection. People cut corners and make mistakes, for instance not recognising a phishing email when they receive one. We are also not as good at responding… and detection without response adds little value. This is where cyber insurance comes in.

4. We are going to be using more technology, not less. We can communicate different devices to one another using IP addresses. With this adds more challenges.

5. No investment in security starts without education at any level. To get your end users to buy into what you are doing you need to train them.

6. We need to be better internet citizens in order to deal with cyber risk. We can do this by incorporating certain measures  into our daily activities, such as spotting spam and phishing, updating software, deleting old data and securing your own cloud.

Watch our Lab Lunch from 20 June 2019, presented by Sharif Gardner of Axis Capital.

(sorry but we had to cut out the part where Sharif showed us the dark web. It was cool, but not blog-friendly!)