You all know the world famous insurance company LLoyds. What you may not know is that they maintain a list of Top Risks. It's called their Risk Index and it's the result of a survey of 500 of the world's most sebior business leaders. First published in 2009, this year’s Risk Index provides an in-depth picture of how global business leaders prioritise and prepare for major risks.
Cyber security now sits squarely towards the top of the agenda for boards around the world with cyber risk moving from 12th to 3rd place in the index. Business leaders have woken up to the importance of cyber security following a series of high profile incidents since 2011.
The report asks the question if organizations "are spending money on the right things" to effectively address cybersecurity, and (interesting for an insurance company) states that it's smarter to spend budget on security measures and implementation than purchasing a cyber insurance policy.
I guess it's a matter of time before insurance companies will require a list of security measures to be in place before you can get any kind of liability insurance.
