One Article Review
| Source |  Kovrr |
|---|---|
| Identifiant | 8393594 |
| Date de publication | 2023-10-04 00:00:00 (vue: 2023-10-10 07:25:34) |
| Titre | Fortune 1000 Cyber Risk Reportkovrrrr \\\'s Fortune 1000 Report tire des motifs de quantification innovante pour fournir aux entreprises une référence pour évaluer les fréquences relatives de cyber-risques et la gravité Fortune 1000 Cyber Risk ReportKovrr\\\'s Fortune 1000 report leverages our innovative quantification models to provide companies with a benchmark for gauging relative cyber risk frequencies and severitiesRead More |
| Texte | Executive SummaryThe growing rate of global cyber events, throughout all industries, has elevated cybersecurity governance to the forefront of corporate concern. Indeed, this rising prevalence spurred the US Securities and Exchange Commission (SEC) in July 2023 to mandate the disclosure of "material" cyber threats and incidents, albeit within a framework of somewhat ambiguous materiality definitions. Â This report leverages Kovrrâs risk quantification models to highlight the likely occurrence and relative costs of âmaterialâ cyber incidents companies might experience in the coming year, potentially eliciting consequences significant enough for SEC disclosures. Ultimately, Kovrr aims to provide insights for those companies seeking a deeper understanding of the types of cyber events and their respective financial impacts that are most likely to be disclosed in the coming years.MethodologyThe results of this report were determined via a comprehensive benchmarking exercise, using the US Fortune 1000 companies as the sample set due to the companies\' diverse range of industries. Kovrr\'s models capture a detailed representation of each company\'s technological profile and simulate yearly cyber event scenarios tailored to each companyâs exposure to risk. âThe models reveal âmaterialâ incidents in the form of data breaches, extortions, interruptions, and service provider events1. This report defines materiality as an interruption incident lasting over one hour or an incident where confidential data is breached. Smaller, non-material incidents are grouped and modeled in aggregate.âKovrrâs models produce an assessment of the likely frequency and severity of cyber breaches experienced by Fortune 1000 companies, harnessing our industry insights from previously disclosed breaches, insurance claims data, and incidents that have not been publicly disclosed.----1Event incidents (data breaches, extortions, interruptions, and service provider events) are defined at the end of the report.âKey FindingsCyber Risk Across All IndustriesThe Oil, Gas Extraction, and Mining sector exhibits the highest probability of experiencing a material cyber event, with a frequency of 0.82 events per year (or approximately one material event every 1.2 years). However, the anticipated financial impact remains relatively modest, with a median cost of $28m. In contrast, the Utilities and Infrastructure industry faces a cyber event frequency of 0.62 events per year and a substantial financial impact of $57.9m.Annual Cost ScenariosAverage Annual Loss (AAL), which combines event frequency and cost across the full range of possibilities, allows us to compare the overall risk between industries. The Finance and Real Estate industry has the highest AAL at $34.3m, owing to the substantial financial ramifications of infrequent but high-impact events. Conversely, the Construction industry has the lowest AAL at $7.3m , indicative of its relatively lower exposure to cyber risk.Event DriversThe cyber event types reviewed in this report were interruptions, third-party service provider incidents, extortion events, and data breaches. The report reveals that interruption events are prevalent across industries. Also notably, the Retail Trade industry faces an annual frequency of 0.47 for data breaches (or approximately one material incident every 2 years), while the Finance and Real Estate sector follows closely with 0.42, underscoring their heightened exposure to data-centric cyber incidents.Cost DriversHighly regulated industries, notably Finance and Retail Trade, record the highest median costs per cyber event, totaling $70.5M, due to their extensive accumulation of PII. Third-party liability, regulatory compliance, and productivity loss augment the financial impact. The report also breaks down these costs further according to event type.Secondary Loss ConsiderationsWhile the primary financial impact is evident almost immediately, secondary losses often extend widely |
| Envoyé | Oui |
| Condensat | $100m $101 $12 $15bn $18 $28m $34 $41m $50m $57 $59 $70 1000 1event 2021 2023 23m aal about access according accordingly accumulation across acute additional address adverse affecting again against aggregate agree aims airlines albeit all allocation allow allows almost also although always ambiguity ambiguous among amongst amount amounting analyses analysis annual anticipated any apparent applied approach appropriate approximately architecture are are:âthe assess assessed assessment associated assumptions attack attention augment augmenting augments available average awaiting bands based bears because become been being below benchmark benchmarked benchmarking benchmarks better between biggest boards body both breach breached breaches breachesthese breaks broad broader brunt bubblesâ buckets budget bulk business businesses but calculating can capital capture catalog catalyzed caused causing centric chain chance chart charts claiming claims classification classifier clear close closely cohort collected colonial combination combine combined combines comes coming commission common communication companies company companyâs comparable compare compared comparison complete compliance comprehensive comprises concern conducting confidential confidentiality confront consequences conservative consider considerationswhile considered constitute constitutes construction context contrast control controls conversely corporate cost costing costly costs costthe could country cover covering create critical crucial cyber cybersecurity daily damages damaging data dataset days ddos debate decision deeper defense define defined defines definition definitions definitionsthe demand detail detailed details determined determining develop digital direct directly disclose disclosed disclosure disclosures discount discussed discussion disruption disruptions distribution distributions diverse does down draws drivers drivershighly driverspart driversthe due each effect electric elevated eliciting email emerge end energy enough ensue enterprises equips especially estate estimates evaluating even event events events1 eventsthese every evidenced evident evolving example exchange excluded executive exercise exfiltrated exhibits expectation expected experience experienced experiences experiencing experts exposed exposure exposures extend extensive extortion extortions extraction extreme face faces facing factors far figures final finance financial financially findingscyber five followed following follows forecast forefront form fortune framework frequencies frequency frequent frequently from fuel full further gas gather gauging general generally given global governance governing greater grouped groupings growing hackers harnessing has have heightened high higher highest highlight highlights highly holistic hour how however identifiable identify illustrates immediately impact impacts imperative implementation implications important incident incidents include included includes:data including incorporating increased indeed index indicates indicative indirectly individual industries industriesthe industry information infrastructure infrequent inherently initial innovative insights instead insurance integrated interesting internal internally interpretation interruption interruptions interruptionsthese invaluable investment investorâ¦would its itâs july just known kovrr kovrrâs landscape language large largest lasting leaders least led less level levels leverage leverages liability like likelihood likely list looming loss losses lossesthe low lower lowest made major make making management mandate manufacturing many marketplace mass material materiality may media median methodologythe might mining mitigation model modeled modeling models modest monetary more most multiple must myriad nationwide network nevertheless non not notably note: noting number objective occur occurred occurrence occurring occurs offer offering offers offset often oil once one only operate operates operation operational optimal organizations organizationâ |
| Tags | Ransomware Data Breach Threat Studies |
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| Notes | ★★★ |
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