Cyber is ranked the top risk of the day with digital rising and almost everyone owning a smart phone with risk assessed related to cybercrime to hit US$6 trillion by 2021. The arms race in cyber security is becoming more intense than ever! The greatest challenge organizations and governments are facing today is keeping up with the ever evolving cyber risk landscape. Hacking techniques are getting more aggressive. Whether it is hacking tools from open source, malware, ransomware, machine intelligence coordinating cyber hacks or advanced data analytics that can launch large-scale attacks, the fight is inevitably AI vs AI.
Countering the various areas of cyber exposures requires not only vigilant risk management but also cybersecurity drills and diligence on correlating threat intelligence and collaborating within and across enterprises and industries. From smart phones to smart homes, autonomous vehicles, health tracking, and purchases online; the range of offerings and services are increasing over a network - “XaaS” or “anything as a service” exposing businesses and transactions to unprecedented danger of cyber risks. Managing the unknown is a big challenge in the new world of IoT and BYOD where connected devices are used every single second that can inadvertently affect operations, networks, customers, and threaten business continuity and industrial infrastructure that can be catastrophic.
Can the immutable blockchain come to the rescue? However it contradicts with GDPR that requires records to be eradicated. How are the smart companies using new tech and strategies to combat cyber threats? What are the opportunities for the insurance industry?
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