Cyber Catastrophe: A Question of When, Not If?
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Editor's Note
The June 19 cyberattack that shut down the computer systems at thousands of U.S. car dealerships is the most recent incident that highlights the potential impact of hackers — and the ever-present threat of a cyber incident that could potentially spark insured losses rivaling that of a major natural catastrophe.
While this incident may have simply slowed car sales in the U.S. — dealerships resorted to handwriting bills and other work-arounds — the potential for a cyberattack to cause physical harm is continues to grow.
In May, the U.S. the Environmental Protection Agency warned that cyberattacks against water utilities across the U.S. are becoming more frequent and more severe, noting about 70% of utilities inspected by federal officials over the last year violated standards intended to prevent breaches. Hackers can cause issues including disrupting the treatment, distribution, and storage of water for communities, damaging pumps, and valves, and even altering the levels of chemicals to hazardous amounts, the agency said. It noted recent cyberattacks by nation-state actors — including Russia, Iran, and China — have targeted smaller communities.
If these issues are top of mind for you, please join our upcoming July 11 webinar: Cyber Catastrophe: Are You Prepared? We will try to answer as many of your questions as we can in the live broadcast or catch the replay in your own time.
As always, thanks for watching, listening, and reading.
Meg Green , Senior Editor,?Insurance Insider
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