Technology and Cyber 2019 Healthcare conference Navigating the changing & challenging risk landscape David Legassick AVP Head of Tech, Cyber and Life Science
Technology risk perception shifting
Common Exposures: The use of everyday Online accounting/ Electronically stored employee & customer data Banking technology increases cyber exposures. Online facilities: book, order or pay online Website or a blog Internet of Things: electronically Example: Social media account connecting to devices, machinery and control systems WannaCry: The NHS was breached Email marketing Mobile & Apps because it’s Windows software hadn’t been kept up to date. Cloud Based Providers 3
Cyber: An undervalued risk? Cyber is an undervalued risk all sized businesses, and it’s easy to see why: • Cyber attacks on global brands like Marriott & Cathay Pacific dominate the media headlines. • 32% of UK businesses have suffered a cyber security breach in the last 12 months. • 60% Medium businesses • 61% Large businesses • When was the last time you read about that in the news? 27% 28% 80% Phishing attacks Impersonation fraud Ransomware * Data from UK Government 4
How Tech Amplifies Cyber Risks Cyber criminals will often target smaller companies because of their relationships to other higher value companies in the same supply chain.
Tech Amplifies Interconnected Risks The adoption of more Technology means an increased cyber threat and interconnected risks: Paralyse a Shut down a supply Put revenues of multiple Incur Legal & Damage the reputation of Loss of shareholder value, manufacturing plant chain businesses at risk Regulatory Penalties brand & leadership equity , cash flow Pharma manufacturer Merck hit by 26,000 Debenhams customer records ICO fined the UK SME, Boomerang Video Tesco Bank fined £30million NotPetya with Malware crippling were compromised from a cyber attack Ltd £60,000 due to SQL infection breach by FCA. their IT systems. that targeted Ecomnova, a third-party e- exposed personal details of 26,000 commerce supplier. customers. 6
3 Major Impacts of a Cyber Attack 3 2 1 Reputational Damage Legal Impact Financial Damage Disruption to trading and loss of Damage to the brand, customer and Fines and regulatory sanctions business. Costs of repairing supplier relationships leading to loss including GDPR if personal data affected systems and networks of sales & profit is accidently or deliberately compromised. 7
Navigating a changing world..… Radical Innovation in Security Risk Cyber Global awareness & Threats Improvement Cyber claims trends 8
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