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A new report on digital risks has been published by the Lloyd’s Emerging Risks Team. The report was made available in the event packs distributed at the recent joint event between Lloyd’s 360 Insight and NATO on three important risks facing society, namely climate change, digital security and piracy.
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The Exposure Management team within Franchise Performance, is responsible for understanding and managing market aggregation of risks, and produce a number of tools and services to help the market.
David Baxter
Lead Researcher, Emerging Risks
As a lead researcher in the Exposure Management team at Lloyd’s, David focuses on emerging risks, such as nanotechnology and pandemics. He has a master’s degree in Physics and is currently completing his PhD.
Digital risks
Posted by David Baxter on Tuesday, October 6th, 2009 at 8:55 am
New UK Cyber security strategy highlights threats in an increasingly digital world
Posted by David Baxter on Tuesday, June 30th, 2009 at 1:55 pm
The UK government has published its first Cyber-security strategy that ‘explains what the government will be doing to ensure [cyberspace's] safety, security and resilience’.
This precedent is another reminder that UK society is increasingly taking advantage of, and relying upon, digital and communications technology.
The document puts the average cost of a security-information incident at between £10,000 and £20,000 for a small company; and £1 to £2m for large companies with more than 500 employees; and that the incident can be perpetrated by a range of individuals or organisations (source: BERR Information Security Breaches Survey 2008, PwC).
The perpetrators can include criminals, terrorists and states. They can use a variety of methods: from electronic attacks to gain or deny access to information and subversion of supply chains to more overt attacks, such as manipulating radio signals or damaging unprotected electronic equipment through high power radio transmissions.
The report indicates that the impact will vary according to the target and wider context and that the probability of these attacks occurring increases when a so-called ‘insider’ within the target organisation is involved.
Two new governmental structures will be created, one of which will be entitled the Cyber Security Operations Centre (CSOC) and will help to ‘ensure coherent dissemination of information across government, industry, international partners, and the public’.
This may become a useful resource for insurers wanting to keep track of cyber risks that could impact their books.
Another source of information that may be useful to insurers is the Centre for the Protection of National Infrastructure (CPNI) which ‘has built up strong partnerships with private sector organisations across national infrastructure, creating a trusted environment where confidential information can be shared for mutual benefit’. Such information may help insurers to better assess their digital risk portfolio and their own operational risk.
The Lloyd’s Emerging Risks team is currently investigating the potential impact on insurance of an increasingly digital economy and society and will soon publish a summary report.
Related links
Cyber-security strategy launched, BBC news, 25 June 2009
Tags: Cyber, Digital risks
Europe is keeping an eye on the benefits and risks of nanotechnology
Posted by David Baxter on Tuesday, December 16th, 2008 at 6:21 pm
The European Union’s Observatory-NANO project has launched a new website to bring together work on the scientific, economic, societal, business, regulatory and risk issues surrounding nanotechnology.
The project is also currently writing 56 reports regarding the various scientific and technological developments covering a wide range of sectors.
Read the rest of this entry »
Tags: Nanotechnology
