This article provides a fascinating look at how organisations are offsetting operational risk, including that of cyber attacks, with insurance organisations.
Limited to a small number of providers at the moment, is this an area we will see grow over the coming months and years, as organisations - not just financial services ones - need to implement a multitude of measures to mitigate risk?
Another way in which we have seen this take place is through partnerships, as Deloitte announced with Zurich earlier this year. In summary, this leverages the skills and experience of both firms to improve resilience and help clients get ahead of any potential cyber attack.
For me, no one measure alone will solve this, and most organisations will end up with a combination of measures aimed at ensuring they're not the next victim of a serious cyber attack.
Banks are increasingly turning to insurance to protect their capital from “operational risks” like cyber attacks and rogue traders, and insurers say they can help safeguard lenders by providing an extra layer of expertise. After a spate of expensive court cases and IT outages, banks including Credit Suisse, Deutsche Bank and Lloyds are looking for ways to mitigate the costs of such episodes by taking out insurance.