Intangic MGA presents a new way to manage nation-state cyber attacks
Intangic MGA says approaching the risk differently opens up new solutions for companies to manage the risk more proactively limiting the likelihood of a cat-like event.
According to Intangic MGA, outside of the individuals and organizations on the front lines of cyber warfare today, public perception of state-sponsored cyber enemies’ strategies and operations differs from reality.
The fear of a rare, catastrophic Cyber Armageddon event, in particular, is at odds with the ever-present stealth attacks, putting businesses at danger of misallocating resources to adequately handle this ever-changing threat.
These remarks are from Intangic MGA’s research paper Reframing the Risk Calculus for Insurance of Nation-State Cyber Attacks, which was written by Intangic Founder and CEO Ryan Dodd, Vice President of Marketing Chris Nolan, and Chris Nissen, Founder and CEO of Souhegan Group.
In the executive summary, Ryan Dodd said,
Understanding the frequency and severity of attacks and the tactics employed by nation-state adversaries can better protect against the more probable events that could cause economic damage to companies.
If risk management programs put too much emphasis on planning for a rare Cyber Armageddon, we could end up creating a blind spot in containing losses from a much higher likelihood event risk: a less severe nation-state attack unintentionally causing a chain reaction of ‘cascading’ damages.
Chris Nissen added,
It is true that cyber attacks have been growing at a tremendous pace for years now. States often used criminal proxies, but they are careful to limit their effects to stay below the threshold of warfare.
He added,
If the cyber insurance market withdraws from insuring these everyday, low severity attacks, the overall infrastructure may become increasingly fragile and may actually inadvertently work to help better position a nation-state across a wide swath of the private sector, thus enabling a much larger, devastating attack in the future.
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