Catherine Lyle says internal response plans can fight cyber risk

Catherine Lyle, Claims Expert, Swiss Re Corporate Solutions, gave a keynote on "Cyber claims" to the Expert Forum on Cyber Risk at the Swiss Re Centre for Global Dialogue.

Catherine Lyle:

"The extent of cyber-threat is global. Every corporation around the globe either has experienced a cyber-threat or will experience a cyber-threat. In the future, we anticipate seeing more of these threats at a faster and stronger pace. What we're seeing in response are losses. We're seeing entities that have business interruption, that can no longer function during the course of a cyber event, and we're also seeing property damage, damage to actual, physical property.

Cyber claims are on the rise. It is a global event. There is no immunity. Every corporation will be facing this in the future. It is even going to increase greater with the internet of things as devices are starting to become more connected through the internet, and susceptible to hack.

I think one of the greatest things that a company can do, knowing that everybody is at risk for a cyber event, is to prepare. They can save themselves time and heartache, and cost reduction through this preparation. I think one of the most important things that companies should be doing is having an internal response plan. This should involve the C-Suite, and each member on this team should have a responsibility. They should know what to do when an event occurs, and then practice this event."