Cyber Risk in a Post-COVID Landscape

Every several decades, an unfamiliar risk emerges requiring insurers to craft a new insurance solution. Pollution, electronic data processing, and employment practices are a few examples. No risk has escalated as quickly and intensely as cyber risk. The cyber landscape has undergone a dramatic transformation — and industries large and small are caught in the crosshairs of increasingly sophisticated attacks.

Technology risks and cyber threats have come front and center for most businesses since the pandemic hit, ranked above environmental, business, political, and economic risks, according to a recent survey from Beazley Insurance. Organizations face new challenges as they struggle to understand their vulnerabilities and identify threat vectors, on top of trying to begin the cybersecurity process. Cyber is not an IT problem: it’s a business problem with mission critical systems at stake. The responsibility for this existential risk sits squarely on the shoulders of the C-suite and Board of Directors to establish the overarching cybersecurity strategy.

Ultimately, what business want to know is: “Are we cybersecure?” With this in mind, consider the following questions: 

• Who owns our company’s cyber risk? 
• Where do we stand? 
• Where are we going? 
• How long will it take us to achieve the needed level of cybersecurity? 

Unlike property, liability and workers’ compensation exposures, where organizations have well-designed processes to manage risk, report claims and acquire coverage, there is a dearth of similar knowledge for cyber risk. In response to this wide-ranging uncertainty, Alera Group has crafted Cyber Risk in the Post COVID Landscape.

Through our Educate-Innovate-Collaborate for Results platform, Alera Group crafted this comprehensive white paper to inform management teams about the labyrinth of critical activities needed to deliver best in class loss prevention, risk mitigation and coverage placement. Our hyperlinked table of contents allows quick access to any of the 14 informative topics.

If you have any questions, please reach out to your Alera Group advisor or email us at info@aleragroup.com to be connected with an expert.

We’ll do our best to respond quickly. Thank you!


Listed authors:

Stephen Paulin
Cyber Risk Strategist

SPaulin@orionrisk.com

Sandy Cregger
Accounting & Licensing Analyst

scregger@georgetownins.com