Organizations must prepare for the growing risk of unplanned technology outage events, driven by a rise in cloud service provider outages and an increased frequency of industry-wide Single Point of Failure events, CyberCube has cautioned.
CyberCube, a provider of advanced cyber risk analytics, stated in its Global Threat Briefing report that cloud disruptions appear to be “accelerating at an alarming rate, impacting critical services across sectors.”
It stated the (re)insurance market should prepare for Single Point of Failure (SPoF) technology outage events, as highlighted by industry-level outage events “such as the Change Healthcare attack, CDK Global ransomware event, and the global CrowdStrike IT outage.”
These disruptions have demonstrated the far-reaching “consequences of key service provider failures.”
William Altman, CyberCube Cyber Threat Intelligence Prinicipal, said that to navigate this evolving landscape, businesses, insurers, and regulators must adopt “proactive measures.’ Altman added that this includes strengthening cybersecurity frameworks to “keep pace with emerging technologies, fostering greater collaboration to mitigate shared risks, and developing innovative insurance strategies tailored to a rapidly changing threat environment.”
The report, which is an analysis of cybersecurity trends and their impact on the (re)insurance industry, provides “insights into cyber threats facing critical sectors.”
It highlights the Energy & Utilities industry as “highly” exposed with a wide variation in security, while the Transportation & Logistics sector is “highly exposed but also secure.”
Notably, CyberCube observed a large portion of US Public Sector entities, such as city, state, and local government networks, “to be under-secured relative to their high exposure to cyber threats.”
Analysis of cyber criminal threats shows ransomware still predominantly impacts the US, but there are specific countries witnessing a rise in the threat – particularly countries in and “around conflict zones such as Ukraine, and among some countries whose governments have publicly invested in cryptocurrency reserves.”
The report states insurers need to adapt by developing more precise policy language, implementing threat intelligence, and working with governments and security agencies to improve attribution and response mechanisms.
CyberCube is the provider of software-as-a-service cyber risk analytics “to quantify cyber risk in financial terms.”
Driven by data and informed by insight, they claim to have harnessed the power of artificial intelligence to supplement their multi-disciplinary team.
Their clients rely on solutions to make “informed decisions about managing and transferring cyber risks.”
They aim to unpack complex cyber threats into clear, actionable strategies, translating cyber risk into financial impact “on businesses, markets, and society as a whole.”
The CyberCube platform was established in 2015 within Symantec and now operates as a standalone company.
They models are built on an ecosystem of data and validated by model calibration, “internally and externally.”
CyberCube is the firm focused on cyber risk quantification for the insurance industry, serving insurance institutions globally.
The company’s investors reportedly include the following: Forgepoint Capital, HSCM Bermuda and Morgan Stanley Tactical Value.
