As more devices are connected and cities get smarter, proactive security measures need to be taken to best protect cities from cyberattacks, write Will Ash and Britt Norwood. A multitiered approach and a cyberresponse plan are critical to identifying and responding to attacks.
With more than 121.6 million new malware programs discovered last year, experts are looking to artificial intelligence as a useful tool in combating cyberattacks. AI can be used to detect malware, collect data on users, assess security alerts and identify hackers.
Some banks are switching responsibility for cyberrisk from IT departments to their operational risk departments and have begun to approach cyberrisk the same way they model market, liquidity and operational risks.
A Willis Re survey suggests that insurers view "silent" cyberrisks, which affect non-cyberinsurance policies, as a greater threat than they did in 2017. "The increased concern might be due to actual large-scale events such as WannaCry and NotPetya, which demonstrated the potential for cyber-related losses in multiple lines of business," the report says.
Even minimal data breaches have long-term effects on a company's stock, per a study of 28 companies. Even though the effects diminished over time, the stock performance of some companies was still affected after three years, the study showed.
The House Financial Services Committee has passed a bill that would require financial institutions to tell consumers about data breaches. The bill, which has CBA support, would also codify breach-notification standards.