2022 Cyber Market Observations: Carrier Perspective
Berkley’s Steve Brusko recently penned a detailed projection from a carrier’s perspective on the 2022 cyber market for Plus Blog. Much of this write-up (which includes market volatility due to loss activity, capacity challenges, insurers’ efforts to improve risk selection, tackling systemic risk, etc.) has been widely discussed within the past few years. While these concepts may not be new for our readers, this is valuable information for insureds for several reasons. Most importantly, understanding the market dynamics will help organizations make informed and proactive decisions regarding managing cyber risk.
Overseeing Cyber Risk
Now more than ever, a robust cyber risk management program is critical, and it is a challenge for every company and its board. A new Harvard article outlines four key areas for boards to address and solid next steps for addressing these key areas. As the threat landscape continues to increase daily, boards must be involved in overseeing their company’s cyber risk management program.
Russia Sanctions Spark Escalating Cyber Conflict
As discussed in this cyber advisory about the Russia/Ukraine conflict, there are many concerns about the ramifications American businesses and infrastructure will face due to US sanctions against Russia. This is a topic that Brian Krebs, former Cybersecurity White House Advisor Michael Daniel and other industry experts reviewed in a recent article for KrebsOnSecurtiy. The piece closes by pointing readers to valuable resources provided by the Cybersecurity & Infrastructure Security Agency (CISA) and their recently launched Shields Up Program, which offers informative guidance for all organizations.
It’s Elementary: Measures Education Institutions Should Take to Prepare for Ransomware Attacks
Since 2020, the education sector has been a favorite target for ransomware attacks. This is partially because colleges and universities maintain a treasure trove of personal information on their students and employees as well as other sensitive records. Additionally, because educational institutions work on timelines and cannot cancel classes for days and weeks at a time, they often have no choice but to pay the ransom. In fact, a recent report from Sophos, The State of Ransomware in 2021, found that the education sector has the third-highest rate of ransom payment at 35%. A new series from Baker Data Counsel highlights several measures that educational institutions (or any entity for that matter) can and should take to protect themselves against cyberattacks.
RCM&D is here for you to help protect your cybersecurity. Talk to a trusted advisor today with any questions on these highlighted issues and beyond.