Intangic MGA calls for a new approach to managing cyber attacks on the nation state that moves away from focusing on the ‘Cyber Armageddon’ disaster towards higher frequency events that are occurring every day.
According to Intangic, apart from individuals and entities on the frontline of cyber warfare today, the general perception of the tactics and activities of state-sponsored cyber adversaries differs from reality.
“In particular, the fear of a rare, catastrophic ‘Cyber Armageddon’ event that could occur is in contrast to the frequent covert attacks that are occurring and putting corporations at risk of depleting resources to be effective. to manage this dynamic threat,” the company explained.
These comments come from Intangic’s research paper – Reframing the Risk Calculus for Insurance of Nation-State Cyber Attacks – written by Intangic Founder and Chief Executive Officer, Ryan Dodd, Vice-President of Marketing, Chris Nolan, and Founder and CEO of Souhegan Group Risk Solutions, Chris Nissen.
In the executive summary, Ryan Dodd said, “Understanding the frequency and severity of attacks and the tactics used by nation-state adversaries can better protect against more likely events that could cause economic damage. in companies.
“If risk management programs place too much emphasis on planning for a rare Cyber Armageddon, we may create a blind spot containing losses from a larger high probability event risk: a less severe attack on a nation-state that inadvertently causes a chain reaction of ‘cascading’ damage.”
Chris Nissen added, “It’s true that cyber attacks have been growing at a rapid pace for years now. States often use criminal proxies, but they are careful to limit their effects. to stay below the war border.”
He added, “If the cyber insurance market withdraws from insuring these everyday, low-severity attacks, the overall infrastructure becomes more vulnerable and may inadvertently act to assist the better position a nation-state across a broad swath of the private sector, thereby enabling a larger, more devastating attack in the future.”
