’Cyber still is not where we want it to be in the risk agenda,’ says head
Cyber attacks are still an emerging risk despite being around for more than 20 years, according to Nick Barker, head of Gallagher’s specialty cyber practice.
Speaking to Insurance Times at the 2024 Ferma Fourm in Madrid, he said risk managers and businesses were coming to his firm in a bid to get a broader view of the risks and how they could be quantified within their operations.
Barker added: “While cyber has been around for 25 years, in many ways it is still an emerging risk.
“Every organisation now relies on its technology as increased digitalisation continues. They want to take advantage of the efficiencies it can deliver, but it comes with risks.
“Cyber still is not where we want it to be in the risk agenda. It is getting there, [but] the impacts of increased supply chain management and the Crowdstrike event have become good examples of what can go wrong.”
Relationships
In turn, Barker said risk management had to be front and centre when it came to IT and wider technology.
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And he felt the delivery of a successful risk management strategy was the use of long-term relationships.
He said: “There are a lot of players popping up and doing so with very competitive pricing. Cyber is a very broad risk and we believe that it can be best managed via long-term partnerships with insurers.
“Understanding your risks [and] communicating that to an insurer who has been a partner for some time is likely to deliver the best outcomes for both sides.”
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