#cyber data sharing

This week our friends Matthew McCabe and Tom Finan appeared in front of federal legislators to spread their massage of cyber data sharing.

A creation of some kind of repository has long been recommended by Finan, now the chief strategy officer at Ark Network Security Solutions. As the senior cybersecurity strategist and counsel at the US Department of Homeland Security, Finan released a series of reports on behalf of the DHS National Protection and Programs Directorate about creating a cyber incident data repository.

Read more at http://www.advisenltd.com/2016/03/28/the-race-to-avoid-a-race-to-the-bottom/

A new report from Lloyd’s and the University of Cambridge’s Centre for Risk Studies is the result of a hypothetical, very unlikely but entirely possible scenario in which a cyberattack cuts power to much of the US Northeast.

Insurers would take a huge hit—an estimated $21.4 billion—which is just a fraction of the total loss to the US economy of about $243 billion. And those are numbers from the low end of loss ranges in the report.

Imagine cyber hackers inject some malware that goes undetected until one day when it looks to take control of electric generators, finding 50 that it can control, overload and cause some fires and explosions. Ninety-three million people in 15 states and Washington DC are in the dark for various amounts of time. Water is cut off for many; ports are shut down; infrastructure collapses; people die.

The report, Business Blackout, attempts to assess which lines of business would be affected by such a terrible set of events. A total of 32 lines are exposed to claims—with commercial, commercial facultative, energy, general liability, trade credit and cyber property seeing major increases in claims.

Read more at http://www.cyberrisknetwork.com/2015/07/08/all-imaginary-cyber-catastrophes-point-to-cyber-data-sharing/