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Cyber risk exposures are embedded in the operations of organizations across all sectors. and countries No company is fully secure no matter how sophisticated its cyber. defense mechanisms With cyber risk you face active adversaries who are constantly. changing their attack strategy Technology advances also create new forms of cyber. risk For example as more innovative Internet of Things IoT devices are deployed to. monitor the safety of buildings or the performance of equipment new cyber exposures. are created and need to be managed Other changes in the technology landscape from. the migration of data and software to the Cloud to the use of artificial intelligence in. commercial applications are also shifting the nature of cyber risk. An effective cyber risk management strategy includes a deep understanding of the range. of persistent cyber threats a robust assessment of their potential impact plans for both. cyber risk prevention and response and a management approach that reflects the role of. all employees from the boardroom to the backroom in implementing cyber defenses. Cyber is a risk issue not an IT issue and managing it effectively requires broad. cross functional engagement Yet research shows that few companies have made this. mindset shift fewer still have made the concerted organizational effort to identify the. range of cyber scenarios that could affect them assess the cyber risk of their suppliers. and customers and build fully operational cyber risk prevention and response plans. Marsh McLennan Companies Cyber Risk Handbook 2016 includes articles report. extracts and perspectives from our cyber leaders and leading third party experts. with whom we collaborate The articles cover a wide range of topics from changes in. the external landscape to developments in cyber risk quantification techniques to. cybersecurity related HR strategies, We hope this publication provides you with some new insight that can help strengthen. your cyber risk management approach and enable your organization to succeed in the. emerging digital environment,John Drzik,President Global Risk Specialties Marsh. Chairman Cyber Risk Working Group,Marsh McLennan Companies. CONTENTS STRATEGY,THE EVOLVING CYBER RISK LANDSCAPE. Alex Wittenberg,CYBER EVERYONE IS AT RISK,CYBER THREAT IS A SHARED ISSUE.
CYBER TERRORISTS AND RANSOMWARE,Interview with Shawn Henry. GO TO CYBER EXTREMES,What to do when digitalization. goes wrong,Claus Herbolzheimer,NEW DATA PROTECTION LAW. Corrado Zana,CYBER RISKS BY INDUSTRY,RISKS PEOPLE,QUANTIFYING CYBER RISK STAFFING FOR CYBER RISK. The core of effective risk MITIGATION,management strategy The business challenge.
Arvind Parthasarathi Katherine Jones and Karen Shellenback. MEASURING CYBER DON T IGNORE THE INSIDER,AGGREGATION RISK CYBER THREAT. Ashwin Kashyap and Julia Chu Basie von Solms, EVOLVING CHALLENGES IN CYBER A STRATEGIC APPROACH TO. RISK MANAGEMENT CYBERSECURITY OPERATIONS, Protecting assets and Jim Holtzclaw and Tom Fuhrman. optimizing expenditures p 54,Richard Smith Bingham. p 32 CHIEF HUMAN RESOURCES, CAN YOU PUT A DOLLAR AMOUNT Why your employees are your.
ON YOUR COMPANY S CYBER RISK strongest and weakest link in. Leslie Chacko Evan Sekeris and Claus Herbolzheimer your cyber defenses. p 36 Elizabeth Case,WHY MODELING IS THE HOLY GRAIL. OF CYBER INSURANCE,Robert Parisi,CYBER LOSS EXPOSURE. Identification and development of,underwriting information. THE INSURANCE OF THINGS,AND INDUSTRY 4 0,A matrix view. Morley Speed,MMC CYBER HANDBOOK 2016 STRATEGY,THE EVOLVING CYBER.
RISK LANDSCAPE,Alex Wittenberg, ix years ago the 2010 edition of the annual next 10 years See Exhibit 1 The scope scale and. Global Risks report prepared by the World impact of cyber attacks are growing rapidly along. Economic Forum with Marsh McLennan with increasing digitization of the public and private. Companies found in the annual survey of global experts sectors It is estimated that the cost of data breaches. that Most experts perceive the risk of a potential will reach 2 1 trillion globally by 2019 which is almost. breakdown of Critical Information Infrastructure four times the estimated cost of breaches in 2015 2 The. CII as well as of data fraud loss as comparatively impacts of cyber attacks are moving from the virtual to. low both in terms of likelihood and severity Moreover the physical world In 2015 a hack on three Ukrainian. these two risks were assessed as being among the least power distribution companies caused outages to. interconnected risks 1 80 000 energy customers,Cyber risks are permanent and persistent However. the awareness of the extent of the risk and the focus. TIMES CHANGE FAST on the risk varies around the world North American. The 2016 Global Risk Report tags the Rise of cyber and European risks leaders are particularly concerned. dependency as one of the long term patterns that about the preparedness for cyber risks and critical. could contribute to amplifying global risks Cyber systems failure Several Asian economies including. attacks were ranked in the top 10 global risks placing Japan Singapore and Malaysia also identify cyber. seventh over the next 18 months and eighth over the attacks as a primary risk. Exhibit 1 RISKS OF HIGHEST CONCERN BY TIME HORIZON. Next 18 months 10 year horizon,1 Involuntary migration 1 Water crises. 2 State collapse 2 Weak climate change response,3 Interstate conflict 3 Extreme weather. 4 High unemployment 4 Food crises, 5 National governance failures 5 Social instability.
6 Fiscal crises 6 Biodiversity loss,7 Cyber attacks 7 High unemployment. Environmental,8 Social instability 8 Cyber attacks. Geopolitical,9 Extreme weather 9 Natural catastrophes. 10 Asset bubbles 10 National governance failures,Technological. Source World Economic Forum Global Risks Report 2016. Note Global Risk Perceptions Survey 2016,Copyright 2016 Marsh McLennan Companies 5.
MMC CYBER HANDBOOK 2016 STRATEGY, GROWING AWARENESS next 24 months and a survey of UK risk managers. The awareness on cyber risk has a relationship to shows that 20 6 percent of companies are buying. high profile attacks on the public or private sectors insurance 4 However the same UK survey shows. Data breach notification has driven a high awareness few companies are quantifying their risk exposures. of cyber risk in the USA In Europe the General Data Without a complete understanding of their company s. Protection Regulation GDPR which comes into exposure to cyber risk 75 percent and or a. effect in 2018 and will require data breach reporting calculation of the financial impact should an event. is stimulating a greater focus on public private occur 64 6 percent these organizations are in a poor. cooperation on cyber risk management cross position to approach the insurance market and place. industry data sharing and focus on robust cyber a value on transferring the risk. risk management and response In this changing, context organizations must adopt a robust cyber risk. management approach based on an enterprisewide CONCLUSION. focus on early detection response and recovery to As public and private sector organizations restructure. mitigate and better manage the consequences and and reorganize to become digital organizations. ensure business continuity cyber risk management must be embedded in. Along with proactive cyber risk management are strategies and operations Organizations that fail to. increases in the purchase of cyber insurance Total do so will leave themselves exposed in a rapidly. annual cyber premiums have reached an estimated shifting risk landscape. 2 billion and may reach 20 billion by 2025 The, US remains the largest cyber insurance market where. nearly 20 percent of all organizations have cyber,insurance and there are yearly increases in the. number of companies purchasing cyber insurance,and increases in the limits 3 See Exhibit 2.
However interest in cyber insurance is growing in, other markets For example a recent Marsh survey of. European Risk Managers found that nearly 25 percent Alex Wittenberg based in San Francisco is the Executive. planned to explore cyber insurance options over the Director of Marsh McLennan Companies Global Risk Center. 1 The word cyber,appeared once in, Exhibit 2 2015 CYBER INSURANCE GROWTH RATES BY INDUSTRY MARSH CLIENTS the annual reports. 2006 2009 before it,All industries 27 was flagged as a key. emerging vulnerability, Communication media and technology 41 in the 2010 report. 2 The Future of,Education 37 Cybercrime Security,Financial Corporate.
Financial institutions 28 Threats Mitigation,2015 2020 Juniper. Healthcare 6 Research 2015,3 Sources The Betterley. Hospitality and Gaming 15 Report Cyber Privacy,Insurance Market Survey. Manufacturing 63 2016 Cyber Insurance,Market to Triple by 2020. Sept 2015 Marsh,Power and Utilities 28,Benchmarking Trends.
Operational Risks,Retail wholesale 30 Drive Cyber Insurance. Purchases March 2016,Services 13,4 European 2016 Cyber. Risk Survey Report,Source Marsh Global Analytics Marsh. Copyright 2016 Marsh McLennan Companies 6,MMC CYBER HANDBOOK 2016 STRATEGY. EVERYONE IS AT RISK,AS TECHNOLOGY AND DIGITAL,CONNECTIVITY EVOLVE.
COMPANIES GLOBALLY FACE,MENACING NEW THREATS,EVERY DAY EVEN AS. CYBERSECURITY IMPROVES,It s a vicious cycle,As technology advances our risk for new. sophisticated attacks increases,Can your company withstand a significant cyber. attack and continue operations,Copyright 2016 Marsh McLennan Companies 7. MMC CYBER HANDBOOK 2016 STRATEGY,445 BILLION,THE ESTIMATED ANNUAL COST OF CYBERCRIME.
TO THE GLOBAL ECONOMY,WELCOME TO THE FOURTH INDUSTRIAL REVOLUTION. Built around cyber physical systems the Internet of Things. and the Internet of Services, 100 billion Digital industrial Machine to machine Autonomous Digital service avatars. connected devices control systems vehicles homes iconcierge. CYBER PHYSICAL SYSTEMS,THE PATH TO CYBER RESILIENCE. IDENTIFY YOUR UNDERSTAND PLAN FOR,MOST YOUR A BREACH. CRITICAL ASSETS DIGITAL PROFILE,What do you have that is most.
2 What does your online activity,4 What can you do now to. prepare for a crisis,valuable to others signal to others. GATHER BUILD A,INTELLIGENCE ON RESILIENT SYSTEM,CYBER THREATS What are the most critical. Who s threatening you elements of defense, Source Cyber Resiliency in the Fourth Industrial Revolution Hewlett Packard Enterprise FireEye and Marsh McLennan Companies 2016. Copyright 2016 Marsh McLennan Companies 8,MMC CYBER HANDBOOK 2016 STRATEGY.
CYBER THREAT IS A,SHARED ISSUE,Copyright 2016 Marsh McLennan Companies 9. MMC CYBER HANDBOOK 2016 STRATEGY, yber criminals are smart highly build technological and human resilience. innovative and persistent across the economy More than 30 COUNTRIES ARE. lawbreakers The rewards for countries including Germany Italy NOW CONFRONTING. these offenders are huge Not only are France the UK the US Japan and Canada. A STARK NEW REALITY, they after our personal information they have unveiled cybersecurity strategies In. are after our money and can and will steal February 2014 Chinese President Xi Jinping. OF THREATS AGAINST, it whenever they are able to Traditional announced a new national cybersecurity PHYSICAL ASSETS. defenses no longer provide adequate body to coordinate security efforts and INCLUDING ELECTRIC. protection Not only will cyber criminals in April 2015 Singapore launched a GRIDS DAMS. get into our systems in many instances Cybersecurity Agency to oversee policies. they are already there assessing which data and conduct cybersecurity outreach. TELECOMMUNICATIONS, is of value to them and waiting to act In Governments are supporting the NETWORKS.
2015 90 percent of large UK organizations development of cyber defenses through TRANSPORTATION. reported breaches highlighting the support of research and innovation SYSTEMS AND CIVILIAN. urgency of addressing cyber risks knowledge and skill building and by. developing awareness of cyber risks For,NUCLEAR FACILITIES. example the UK s Centre for the Protection, DON T GO IT ALONE of National Infrastructure provides. Actions by government to increase national good practice technical guidance and. cybersecurity need to be matched by the facilitates information exchange between joint approach between industry and. private sector Although individual firms sectors including the energy sector and government bodies Currently cyber. have taken certain measures to ensure manufacturers of security equipment incidents are underreported organizations. their security and ability to recover from for national infrastructure France s must report crime to the police or officials. breaches more needs to be done Cyber cybersecurity strategies coordinated by and share information regularly Through. threat is a shared issue and there is little the National Agency for the Security of greater cooperation with national bodies. advantage in going it alone Information Systems are similarly based on such as UK s National Cyber Crime Unit. For example cyber and terrorism promoting cooperation between the public NCCU and international agencies such as. are increasingly risks that overlap one and the private sector the European Union A. GLOBAL RISK CENTER MMC CYBER HANDBOO206 K1 Incr easing resilience in the digital economy

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