Cyber Risk: The Stakes Have Changed for the C-Suite
According to a new report by Marsh & McLennan and FireEye, the stakes have changed for the C-suite when it comes to managing cyber risk. Three major cyber events in 2017 set new precedents for the scope and impact of damage wrought by cyber-attack in terms of geographic and industry reach, operational disruption, and economic losses, as well as the destruction of market capital and reputation.
The report, released at the World Economic Forum on January 23rd, identifies two trends that are further complicating this new cyber reality. First, new regulations in Europe and elsewhere will require companies to undertake more rigorous security practices to protect data and systems. Second, attacks are growing increasingly destructive, threatening not just digital assets but property damage and bodily injury.
Recognising that business leaders may find themselves on unfamiliar terrain in managing these risks, the Marsh & McLennan and FireEye report discusses how executives and board members can better navigate the new cyber reality through targeted action in the areas of technology, workforce culture, industry-government partnership, and risk management governance.