Clearly, the insurance industry has a vital role to play. By leveraging claims, incident data, and threat information data and insight and translating this into actionable guidance to help elevate resilience for a range of cyber and tech risks, we can help our clients to better mitigate risk.

Today, in this era of escalating threats, effective risk management requires cutting edge security expertise, and the latest risk insights - fast.  However, being reactive is no longer enough. Businesses must build a living and breathing cyber ecosystem, a long-term risk management strategy that seeks to pre-empt the risks, adapt risk mitigation strategies as risks morph and evolve, and considers how they will react and cope in the face of an incident.

The risk of tech obsolescence, tech disruption and IP risk are all rising up global executives’ risk agendas as the speed of digitalisation continues at pace. These risks, along with cyber risk, have the propensity to spill over into other areas of risk – such as D&O liability. 

With cyber and tech risk touching every aspect of a business today, making the right risk mitigation choices, and having the right long-term, insurance partners on side, has never been more important. 

Insurers and brokers must continue to build long-term partnerships with clients, engaging and educating businesses on the threats that cyber crime and new technologies pose, while sharing their expertise on best practice resilience and defence strategies.

By boosting their cyber resilience, and by working in partnership with their insurer, businesses can not only reduce the risk of being attacked, but they can also increase their ability to respond to an incident more effectively.