Against the backdrop of increasing cyber risk, the 2019 edition of the MMC Cyber handbook includes our perspectives on major developments, specific industry implications, and strategies to increase resilience.
Cyber risk continues to be a critical concern for business leaders, who ranked large cyber-attacks as the #1 risk for doing business virtually across all advanced economies.
As companies develop their approach to this dynamic and challenging threat in 2019, there are some emerging trends that they should consider:
- Decisions around the deployment of new technologies such as IoT, AI, and robotics need to consider increased cyber risk as an important part of the cost/benefit analysis.
- First party risk has become a primary cyber consideration (alongside third party risk), given the potential for significant economic damage as well as significant business disruption or property damage. Cyber risk planning needs to fully address both first party and third-party scenarios.
- The organizational mindset for approaching cyber risk planning needs to embrace that it is not a question of “if” but “when” for experiencing a major cyber event. While businesses need to continue focusing on processes and infrastructure to detect and deter potential cyber-attacks, they also need to invest in processes to respond and recover after an event. We see re-allocating resources from prevention to response as a constructive direction for many organizations.
The 2019 Cyber Handbook features articles from business leaders across Marsh & McLennan Companies, as well as experts from Microsoft, CyberCube, Cisco, and FireEye.
It is designed to provide our clients and other organizations with new perspectives on how to increase cyber resiliency in the face of this ever-expanding threat.