What is digital risk and why should you care?

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Published November 10th, 2023 by Kyle Langan

Tech’s connectivity in the world brings digital risks. Risk takers should consider more than just the implementation of tech. Bruce Carnegie-Brown, Lloyd’s chairman says “the global interconnectedness of cyber means it is too substantial a risk for one sector to face alone and therefore we must continue to share knowledge, expertise and innovative ideas across government, industry and the insurance market” to help build society’s preparation against the potential scale of this risk [2].

Data, within organizations reporting a lack of prep:

  • 44% are at the point of assessing digital risk with quantitative and/or qualitative metrics
  • 19% are still defining digital risk
  • 12% do not manage digital risk.”

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Preparation, prevention, protection, and response are important

Email: kylel@conreyins.com for insurance solutions.

Source: https://www.auditboard.com/resources/ebook/digital-risk-report-2023/

 

References

[1, 7-8] Wheeler, J. (n.d.). Digital Risk Report 2023. AuditBoard. https://www.auditboard.com/resources/ebook/digital-risk-report-2023/

[2] Lloyd’s Systemic Risk Scenario reveals global economy exposed to $3.5trn from major cyber attack. Homepage – Lloyd’s. (2023, October 18). https://www.lloyds.com/about-lloyds/media-centre/press-releases/lloyds-systemic-risk-scenario-reveals-global-economy-exposed-to-3.5trn-from-major-cyber-attack

[3-6] Resilience – More than just a buzzword . MunichRe TOPICS GEO 2016 . (2016). https://www.munichre.com/en/insights.html