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The Business Case for Cyber Risk Management in the Maritime Domain

from NMLEA

Among the many opportunities to reduce costs related to managing cyber risks across an organization, managing the costs of cyber risk insurance is emerging as another significant consideration when looking forward. According to the Economist, “Demand for cyber-insurance is growing fast. Satisfying it will pose great challenges for insurers.” Organizations are re-considering their cybersecurity strategy due to several factors;
  • The financial and legal consequences of a breach are increasing.
  • The acceleration of cyber threats, including the growing pace and scale of attacks mean organizations cannot stand still.
  • The steady growth of the digitally connected enterprise (e.g. IoT), also known as the “Attack Surface” is dramatically increasing cyber risk.
  • Increasing end-point, perimeter security tools, or additional compliance-based activities are often ineffective at reducing cyber risk, and
  • Organizations are looking for business-case rationale to help drive better cybersecurity strategies.
And with spending forecasts projecting global cybersecurity spending to exceed $124 Billion in 2019, the questions most often asked are: What should our budget priorities be? Hire or contract with cybersecurity experts? Purchase more scanners and cyber security software? Read the White Paper that explores how and why implementing a Cyber Risk Management program is emerging as the leading investment for a number of important strategic and business reasons. For a free copy, send us an email at info@nmlea.org. more


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