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The Internet of Things will magnify future cybersecurity risks

October 12, 2018

Zurich’s Lori Bailey explains why risk managers must understand how increasing connectivity will dramatically amplify the cyber risks they will face in the future.

cyber risk

Past concerns about security breaches usually focused on the theft of personally identifiable information that could be put up for sale on the Dark Web or some other unseemly corner of the internet. While those threats are still very much with us, C-suites today must come to terms with cyber risks that can originate from almost any direction, representing a strategic risk with a real ability to threaten business continuity.

“From a business perspective, it’s no longer just those industries that have a lot of personally-identifiable information that need to think long and hard about cyber risk, like financial services or retail,” said Lori Bailey, Zurich’s Global Head of Cyber Risk. “It’s every industry now – automotive, industrial, agriculture, transportation and utilities. CEOs in traditionally less-data-intensive industries can no longer say ‘We’re not a tech company, so we don’t have to worry about this to the same degree.’ The societal and economic impacts caused by widespread disruptions due to viruses or malware can have global implications.”

The potential for business interruptions introduced by the growing online connectivity of devices supporting critical infrastructure, such as public utilities and transportation systems, is prompting a growing awareness of the benefits of public-private partnerships to build more robust cyber resiliency for businesses, institutions and individuals.

“Risk managers need to think beyond just within their own organizations now,” Bailey said. “It’s not enough to only focus on your own company and what you can do from a cybersecurity standpoint anymore. You have to be thinking about how a major attack on another entity, or even critical infrastructure, might have an impact on your business."

Lori recently shared her insights about the evolving cyber risks facing businesses of all sizes in an article that appeared in Leaders magazine.

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Watch Lori's video "Broader cyberattacks challenge businesses to rethink risks"