Cyber Risk Wednesdays brings cyber experts from government and industry together with policymakers to examine topics at the core of the Cyber Statecraft Initiative’s study of interrelated cyber hazards and underlying concentration of risks. The series is designed to expose stakeholders from the technology, policy, and risk management communities to vibrant new cyber topics and provide a venue for the exchange of ideas.
The launch event, held on October 23, will introduce the joint effort by the Atlantic Council and Zurich Insurance to understand how global aggregation of cyber risks could cause systemic shocks and ways, such as insurance and resilience, to mitigate them. A moderated discussion will analyze systemic cyber risks and explore their implications on the future of the internet.The panel will feature Larry Castro, Managing Director at The Chertoff Group, whose prior government service includes over four decades at the National Security Agency.
About the Project:
Even as more companies and governments are increasingly critically exposed to cyber risks, there has been little thinking on systemic cyber risks. In some ways, this is strikingly similar to how the financial sector handled risks preceding the 2008 crisis. Prior to then, financial risks were assessed one organization at a time, not recognizing how a shock to one sector, US sub-prime mortgages, might cascade to take down everyone else, even those who didn’t own at-risk mortgages. Similarly, cybersecurity professionals follow the same method today, looking at cyber vulnerabilities one organization or one nation at a time, without looking at the systemic risks to the overall system. Strong security may not shield even the best-protected companies from cascading cyber shocks.
If you have any questions, please contact the Cyber Statecraft Initiative.