For years, cybersecurity teams have worried about data breaches and the ramifications associated with valuable, sensitive data being stolen. And while it’s indeed worrisome for data to be stolen, the risk remains in the digital world.
The rise of the Internet of Things (IoT) and connected devices is changing this. Cybersecurity risks are now higher than ever because IoT attacks can impact the physical world in ways that were impossible with traditional IT devices, and compromise could lead to injury or loss of life. Take, for example, our recent coordination with medical device maker Philips to disclose a critical vulnerability that, if exploited, may cause the devices to shut down and potentially harm patients.
This collision of the physical and digital worlds is impacting organizations globally, and is particularly interesting to insurers and those helping to manage risk worldwide. I recently partnered with global risk management firm Aon to help author an article in the 2019 Global Insurance Market Opportunities (GIMO) series: “Why the Internet of Things should be on insurers’ radars.”
I appreciate my co-authors, Aon’s Emma Karhan and Kelly Superczynski, for our collaboration on the article which explores IoT cyber risks and discusses risk management in the IoT era.