Cyber security – the triangulation of decisionmaking

Businesses must embrace digitalization should they want to remain competitive, agile and efficient. However, as they strengthen their digital dependency, they also become increasingly vulnerable to cyber threats. Data fraud or theft and cyber attacks feature as two of the top five global risks in terms of likelihood this year in The Global Risks Report 2019 published by the World Economic Forum in partnership with Zurich Insurance.

Therefore, decision makers face a balancing act of urgently optimizing digitalization, implementing robust security measures, and managing the cost implications for both. Holistic risk management requires us to consider all risks and to be mindful that in mitigating one risk we may exacerbate another. Discover the interconnected decision making process when developing a digital adoption strategy.

Need for security
Cost
Need for speed
Rotate the triangle and tap on the topics to explore
Managing the triangulation
of cyber risks
  • Conduct regular board security exercises to improve cyber resilience at board level. Zurich Insurance has worked with the World Economic Forum’s Advancing Cyber Resilience group to develop ‘Board Principles & Tools’ a cyber resilience toolkit
  • Increase cyber risk awareness for the whole organization
  • Tailor appropriate cyber insurance policy
  • Public-private collaboration to establish common attribution protocols and monitor incident response
  • Develop technical mechanisms to facilitate incident notification and information sharing on the nature of cyber attacks
  • Develop legal framework and codes-of-conduct related to IOT, privacy and data protection together and solve some of those big challenges
  • Review partners’ cyber security measures to avoid disruption of supply chains
  • Enhance third party auditing procedures
  • Ensure security by design is embedded in all products and services
  • Develop and implement secure frameworks to guide projects and product development
  • Prioritize recruitment of cyber security specialists. A global shortfall of 3.5 million cyber security jobs is expected by 2021 SOURCE
    SOURCE
    Centre for Cybersecurity: Committed to securing our shared digital future 2019, The World Economic Forum
  • Reskill existing employees to meet digital demands
  • Invest in developing the future workforce through apprenticeships and school outreach programs
  • Upgrade and build robust data systems and infrastructure networks
  • Invest in rolling data storage and network subscriptions
  • Develop legal framework and codes-of-conduct related to IOT, privacy and data protection together and solve some of those big challenges
  • Review partners’ cyber security measures to avoid disruption of supply chains
  • Ensure sufficient R&D expenditure for new products and services as well as evaluating new and emerging cyber threats
  • Plan for cyber insurance premiums and scenario planning, third party auditing and legal costs
  • Plan for total lifecycle cost of technology, to include decommissioning or risk mitigation for end-of-life systems
  • Deliver new capabilities and innovative products through Internet of Things to meet customers’ expectations
  • Develop new partnerships, including with startups, to deliver new services to customers first
  • Leverage big data analytics for greater understanding of customer behaviour
  • Utilize cloud-based solutions to increase mobility and create borderless operations
  • Implement software and wireless communication upgrades with transformative efficiency gains leading to increased cost effectiveness
  • Establish data sharing capabilities to improve connected relationship between customers and service providers
  • Create real-time insights for customers to improve risk profile