NEW TECHNOLOGIES AND CULTURAL TRENDS INCREASING CYBER EXPOSURES FOR COMPANIES
R&C: In broad terms, could you explain the extent to which technology and associated cultural trends are increasing companies’ exposure to cyber risk? Do you believe many companies are underestimating their vulnerabilities?
Lanois: The rise of social media, the growing popularity of mobile devices, including smartphones, smart watches, smart glasses, tablets and laptops, and the increased use of outsourcing services, such as cloud computing, have expanded the traditional boundaries of a company. Data may now be accessed by employees from anywhere, from any device and through any access points. This means that there are now new entry points for cyber attacks. Companies may not even have full control over their data if the data is stored in the cloud. This has made it increasingly challenging for companies to implement – and manage – consistent access policies to the various corporate resources.
Trull: The widespread availability of the internet, cloud technology and mobile devices continue to change the way companies think about threats, design their security programmes and architect their defences. Several cultural trends are contributing to the adoption of these technologies as well. One cultural trend can be referred to as the ‘always on’ or ‘always connected’ culture. People expect to have a personal smart phone or tablet with them at all times and to have access to a wireless network or cellular service so that they can work, play, socialise and shop, among other things. Many people also expect that they will conduct work and personal business on the same device and intermix personal and business data. These technologies and cultural trends can definitely expose companies to new risks.
Oct-Dec 2017 Issue
Credit Suisse AG
Tokio Marine HCC