CyberTalk with David Moon, CEO, Arx Nimbus

Oct 4th, 2022

Cybersecurity risk is perhaps the most rampant and damaging force faced by society today. The degree of under-estimation of the monetary, physical, health and personal damages now rampant, growing and accelerating is breathtaking. 17.2bn records stolen in 2021. $6.9bn in US losses. 50% increase in cyber attacks year-on-year. Yet cyber risk has proven very difficult to analyze and quantify, leading many organizations to grossly underestimate the material losses they face, and therefore to under-invest in proper protection against this omnipresent and radically expanding onslaught. Most organizations are inclined to fund and activate full preparedness for these attacks only when the cost can be properly expressed. We look at the consequences of the current gaps in cyber risk analysis, and the cost of these gaps. Basic dynamics of the $190bn cybersecurity market are presented, and learning from other difficult risk-analytical fields are shared. To address the overall issues associated with cybersecurity risk, we present new data-driven technology based on actuarial models and among cyber insurance underwriters, focused on the carrying cost of specific classes of cybersecurity risk, and the corresponding valuation of remediation strategies for every organization.