Mark Weil, CEO, Marsh UK & Ireland, speaks to The Business Debate about the importance of risk identification and analysis in mitigating and transferring cyber risk in your organisation.
Several recent cyber breaches underscore the new reality in cyber risk management: It’s no longer just IT’s responsibility.
Everyone – from individual employees to risk managers, to your board of directors – now has a stake in managing cyber risk effectively, across the enterprise.
Marsh has taken the data and tools used to insure cyber risk and reshaped them to shine light on how well you are managing the risk. We call it Cyber Assurance. Unlike a lot of cyber risk assessments, our approach is quantitative, based on statistical models used for underwriting cyber risk that calibrate how risk factors for your firm fit the known probability of breach based on reported cyber incidents.
Cyber by Numbers
$445 billion: Estimated annual cost of cybercrime to the global economy.
$120 billion: Expected size of the global cybersecurity market in 2017.
RESEARCH AND BRIEFINGS
New collection gathers insights from our cyber leaders and 3rd-party cyber experts to help companies better assess cyber risks and develop comprehensive strategies.
Report from Marsh & McLennan Companies, Swiss Re Corporate Solutions, and the World Energy Council explores how the energy industry can manage cyber risks.
The complex challenges generated by supply chain digitisation have presented retailers with a new set of risks, which extend way beyond threats to customer data.
There is now less than one year to go until the General Data Protection Regulation (GDPR) comes into force, which will bring about the most significant change to data protection law in Europe in 20 years.Read More
Cyber by Numbers
$2 billion: Estimated size of the global cyber insurance market.
50% to 100%: Annual growth rate of the cyber insurance market.
RISK IN CONTEXT BLOGS
The GDPR will come into force in all EU member states from 25 May 2018. However, onerous new requirements mean businesses should be preparing now.
Firms need a comprehensive cyber risk management strategy to ensure a quick, effective response against ransomware and other evolving threats.
UK companies are increasingly waking up to the threat cyber poses, but there is still some way to go before the risks are fully understood by the majority of companies.
Cyber-attack is a real concern in the energy industry but surprisingly most traditional energy insurance policies exclude cyber exposures from coverage.
The insurance position and a tool to measure your public sector organisation’s cyber risk management performance.
Human resources leaders are well-positioned to engage employees about cybersecurity, helping them protect the company – and themselves.
Understanding the interplay of technology and daily operations, COOs are well-positioned to safeguard their companies.
John McFarlane, Chairman, TheCityUK and Barclays, Mark Weil, CEO UK & Ireland, Marsh and Sir Iain Lobban, former Head of Government Communication Headquarters (GCHQ) discuss the impact cyber security has in the financial and related professional services industry.