Threat Landscape

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Threat Landscape2018-07-18T17:13:40-05:00

Whether the cyber event is malicious or inadvertent, the impact remains potentially devastating. The concern is how advancements in technology and the applied methods for gaining access to systems have allowed for the proliferation of the cyber threat landscape.

This proliferation has lead regulators and governmental officials to revise and create legislation to protect client data. As such we have considered the enterprise risk companies face in creating our cyber insurance solution:

Who the Threat Actors Are

Whether malicious or inadvertent, the outcome can be similar. A network interruption has the potential to cause a loss of revenue and an increased cost of operation including but not limited to remediation expense. Further, a data breach is a data breach, and the regulatory implications for notification are based on the type of data exposed, rather than how it is exposed.

The Use of Technology

Today’s technology boom has led not only to a spike in business production and service capability, but has forever changed how employees and end users (insureds) interact with corporate interfaces.

  • While management teams look to drive operational efficiency on tightening budgets, IT vendor lead strategies have become the norm and have inadvertently pushed the standard for employee efficiency. This means that employees are looking for companies to provide them the best tools available to optimise their output. Further, with “hot desking” and “working from home” becoming the norm, companies are challenged to allow clients to access these systems remotely.
  • Customers are interested in user experience and availability. Why have Amazon, Uber, Airbnb, and Google all dominated their respective industries? Because their ability to integrate technology with an efficient customer experience, while offering the same experience consistently keeps customers coming back. From banking, insurance purchasing, accountant and legal services, to booking travel and shopping, to paying utilities, to even sourcing contractors, plumbers, dog walkers and nannies – Technology has changed the way in which the majority of consumers now expect to interact with their supply chain. Subsequently, company networks are extending beyond where they have before, forcing them to become more robust than they were originally created to be.