The risks posed by malicious actors are increasing in volume and sophistication and organisations’ vulnerabilities constantly challenged, according to new Chubb report.
Multinationals are being uniquely challenged by cyber incidents as global regulators increase their scrutiny.
The report, Managing Tomorrow’s Cyber Risks and Multinational Insurance, was launched at the Airmic 2019 Conference in Harrogate. It analyses the current international cyber risk landscape and highlights areas that multinational corporations must consider to prevent, protect and manage data privacy and cyber incidents.
With cyber risks and insurance solutions evolving continuously, the report reviews today’s key cyber risks and considers the primary issues for the future. It identifies the largest and most recent examples of first party and third party losses affecting multinational corporations and analyses cross-border challenges within key global jurisdictions where stricter regulatory regimes have focused on protection of data privacy.
The report also examines how major multinationals need to engage with experts from both within their own business and externally when mitigating and managing cyber risks.
Suresh Krishnan, head of major accounts for Chubb in Europe and co-author of the report said: “Companies are more aware of cyber risks today than they have ever been before but the challenges are changing all the time and the situation is especially acute for multinational businesses. This report highlights that from a risk management perspective, it is vital for global organisations to have access to a multidisciplinary team of experts which can analyse the evolving threat landscape and regulatory regimes. This is also the starting point for building an effective multinational cyber insurance programme.”
Helen Bourne, partner, Clyde & Co LLP and co-author of the report said: “Cyber threats are now a central concern for organisations and institutions of all types, with the risks posed by malicious actors increasing in volume and sophistication all the time and organisations’ vulnerabilities constantly challenged. As well as keeping ahead of the threats faced and mitigating risk, businesses must also consider the rapidly evolving, complex, patchwork and increasingly extraterritorial legal and regulatory environment they operate in across the world, with the direction of travel being towards more regulation and far harsher penalties.”