The world’s first global platform for businesses, governments and law enforcement agencies to collaborate on cyber security challenges was launched today at the World Economic Forum (WEF).
The Global Centre for Cybersecurity will function as an autonomous organisation, allowing for information exchange, and the setting of international standards to counter digital crime.
It is estimated that the cost of cyberattacks to the global economy could rise by $500bn (£355bn) every year, with this risk identified by the WEF as one of top two biggest threats facing businesses this year.
“The new Global Centre for Cybersecurity is designed as the first platform to tackle today’s cyber risks in a truly global manner,” WEF managing director, Alois Zwinggi, said.
“If we want to prevent a digital dark age, we need to work harder to make sure the benefits and potential of the fourth industrial revolution are secure and safe for society.”
The centre intends to establish an independent library of cyber best practices and work towards an agile regulatory framework, while also acting as an early-warning think tank for future cyber security scenarios.
It is thought that this will be increasingly necessary as new technologies like artificial intelligence, the internet of things and robotics become more integrated into sensitive areas like finance and healthcare.
This comes after a survey of over 1,900 risk experts from 80 countries by Allianz found that cyber incidents are considered the second biggest threat by businesses globally this year.
The financial services firm said the potential for hackers to disrupt a large number of companies through common infrastructure dependencies is increasing.
Despite this, cyber incidents are ranked as the most underestimated risk for 2018, and are also though to have the potential to cause the greatest long-term damage.
“Every company has been, or will be impacted by cyber risk,” Allianz Global Corporate & Specialty UK CEO, Brian Kirwan, said. “Far from being over-hyped, the threat is under-appreciated and not always well understood.
“With an increase in the demand for cyber risk products, and in the volume of claims, it’s no surprise to see cyber as the top risk again for businesses in the UK.”
InsurTech is expected to help generate over $400bn (£312bn) worth of premiums worldwide by 2023, more than double the estimated $187bn today.
21 August 2018
CEOS from across the world believe that data scientists will be their most important workers in the search for future growth, a new global survey has found.
13 August 2018
IT professionals worldwide are more than twice as worried about data breaches and cyber attacks today than they were this time last year, a new survey has found.
30 July 2018
Why InsurTech? A Pressured Insurance Value Chain
By Andrew Sagon, Andrew Johnston and Matthew Wong
InsurTech is a burgeoning phenomenon that is modernising the insurance industry. It is disrupting the traditional value chain whereby insurers offer loss protection, and shifting the emphasis to risk mitigation. Incumbents face disintermediation as investors in search of higher yields pour money into insurance-linked instruments in the capital markets. And entrepreneurial businesses are targeting friction costs and inefficiencies within every aspect of the traditional value chain.
Nimbleness and agility will unlock potential
By Elinor Friedman, Andrew Harley and Klayton Southwood
Recent Willis Towers Watson surveys in the U.S. have shown that P&C and life insurers in developed markets are taking seriously the potential of big data and predictive analytics to improve their businesses. Nimbleness and agility, rather than brute force, are likely to be key to realizing that potential.
Driven by technology, toolkits and talent
By Claudine Modlin and Graham Wright
Advanced analytics is helping some insurers offer innovative products and solutions. What do insurers need to know about the changing nature of analytics and whether it is worth the investment? Claudine Modlin and Graham Wright discuss technology, toolkits and talent — topics that may help you decide.
Risk transfer is part of a comprehensive solution
By Adeola Adele, Patrick Kulesa, Kevin Madigan and Alice Underwood
Given the dynamic nature of cyber-risk, taking a multidimensional approach that integrates board governance, technology solutions, behavioral change and risk transfer solutions can help reduce risk to a manageable level.