As the Internet increasingly connects with real life and permeates all facets of society, it can be a source of global shocks for which risk managers, corporate executives, board directors, and government officials might not be prepared.
Read the Main report: Beyond Data Breaches: Global Interconnections of Cyber Risk |
The industry specific insights are based on the Beyond Data Breaches: Global Interconnections of Cyber Risk report, the result of a year-long study by the Atlantic Council and Zurich on interrelated cyber hazards and underlying risks and was designed to better prepare governments and businesses for the cyber shocks of the future. The industry specific reports will help to prepare risk managers to address these cyber shocks of tomorrow and become more resilient and possibly prevent what could be called a cyber sub-prime meltdown.
The seven industry-specific reports are available for download below
Automotive IndustryConstructionGovernmentsHealthcareInformation TechnologyLarge CompaniesSmall & Medium Sized Enterprises
Recommendations for managing risk include some combination of the following actions depending on their sector-specific factors.
- Shifting from protection to resilience;
- Improving basic cyber security;
- Embracing new technology but carefully managing the risks;
- Implementing incident response and business continuity planning;
- Focusing on interconnection risks;
- Pushing out the risk horizon and looking beyond their four walls; and
- Practicing board level risk management
To protect the integrity and reliability of cyberspace and the bottom line for businesses, governments, the private sector and civil society must work closely together,” said Dan Riordan, CEO Zurich Global Corporate North America. “We need a clear plan of what to do in the case of an event – both at the individual company level and also holistically and hopefully this report becomes a catalyst for developing such a plan.”