Report: Risk Officers, Insurers Play Central Role In Boosting Cybersecurity

Traditional approaches to IT are no longer sufficient to ward off a sophisticated hack, the CRO Forum states in its report, “Cyber Resilience: The Cyber Risk Challenge and the Role of Insurance.” Chief Risk Officers must focus on working with internal stakeholders to raise awareness of cybersecurity issues, the report says, as “more frequently cyber risks are caused by human behavior rather than from system flaws or technological weaknesses.” Insurance firms are in a unique position to bolster their own cyber protection methods, and help other companies to do the same “by incentivizing risk transfer and premiums, aggregating and interpreting loss data, and providing capabilities as part of their product offering,” CRO writes. In the long term, “greater collaboration within the sector is needed in the form of sharing cyber threat intelligence.”