Cyber risk expert in warning to insurers
LOSSES from cybercrime are only likely to increase because of far-reaching global connectivity, a major Guernsey insurance event in London has been told.
Cyber risk expert James Trainor, the former head of the FBI’s cyber division and now senior vice-president within Aon’s Cyber Solutions Group, said a 2014 study by the Centre of Strategic and International Studies that attributed annual losses of $445bn to cybercrime was now vastly underestimating the current position.
‘Various organisations have done research over the last couple of years and some suggest that the figure will go up to $6trillion,’ said Mr Trainor, who cited increased connectivity as one of the biggest factors for this rise.
‘The internet of things is a perfect example – there’s about six or seven billion devices connected to the internet now.
‘That number could go up to 20 or even 50 billion devices in the next three to five years, so more connectivity means more opportunities to do denial-of-service attacks, more vectors into your network, more opportunities to crypt those devices to make money.’
Mr Trainor was the keynote speaker at the Guernsey Insurance Forum 2017 in the capital.
The event was sponsored by Appleby, Artex, Bedell Cristin, BWCI, Royal London and Willis Towers Watson.
Full story in today's Guernsey Press