This video was first published by Guy Carpenter here.
The Global Risks Report 2023 has been published by the World Economic Forum in collaboration with Marsh McLennan. In this video, Guy Carpenter’s Erica Davis, Global Co-Head of Cyber, offers insights to complement the report. She describes significant progress in cybersecurity protocols while emphasizing how businesses still need to remain vigilant and resilient against emergent threats.
“Over the last year, there have been developments on cyber issues, both new and old. There are refreshed dimensions to the topic of war. Namely, those have been prompted by the Russia-Ukraine conflict, as well as developments from the Lloyd’s Market Association, that are creating shifts to how we are thinking about and assessing cyber war and terrorism,” she said. “Also, ransomware attacks have begun to stabilize. The business community has proven to be more resistant to these types of attacks. Fewer are paying the extortion demands, and instead are relying more on remediation and restoration.”
Despite improvements in cyber, systemic risk remains a huge area of uncertainty across the market, Erica continued.
“In order to help our clients understand the impacts of these catastrophic events, we’re working with them to model and measure the risk on an individual company level and across an entire portfolio,” she said. “For 2023, we are encouraging companies to conduct cyber risk management beyond one’s own 4 walls and look across your entire supply chain. Look at your value chain—not just at a digital level, but across your physical supply chain as well.”