While advances in new technology are delivering great progress for our society, they’ve also exposed the vulnerabilities of a digital economy. Cyberattacks routinely cost organizations tens — even hundreds — of millions of dollars. It’s no surprise then that these events rank among the most pervasive and pressing risks for business leaders.
As we see from reported events around the world, cyber risk is expanding in reach beyond the most proximal targets – to supply chain constituents and third-party providers – and also giving rise to other forms of digital risk.
It is important to understand the underlying reasons that are driving the increasing frequency and severity of cybercrimes. Attack methods are growing more sophisticated and accessible with malicious forms of ransomware available ‘off the shelf’ to nefarious actors. At the same time, the ‘new COVID normal’ continues to foster distributed work environments that are often easier to penetrate for bad actors.
A cohesive cyber strategy is critical to keep pace with sophisticated cyber-attacks in complex and converging technology ecosystems. Fostering a cyber-vigilant culture across the entire workforce is also necessary. Furthermore, promoting an aggressive cyber posture not just internally but also with customers and partners can be a real asset and means of competitive differentiation. Lastly, utilizing cyber analytics to quantify risk exposure is essential to effectively allocate investment capital to address the biggest cyber vulnerabilities.
Consistent with prior trends, the cyber landscape will only increase in complexity. The Marsh McLennan Cyber Handbook features perspectives from business leaders across Marsh McLennan who routinely help clients become more resilient in managing cyber risk. It explores some of the most significant trends in cyber readiness, cyber response and new cyber regulations.