CYBERSECURITY REVIEW8 DECEMBER - JANUARYIN MY OPINIONNAVIGATING CYBER RISK IN AN INTERCONNECTED WORLDAs cyber criminals become more creative and technology evolves, individuals and enterprises need to take steps to protect themselves. In Canada, bad actors have devised a sophisticated array of schemes, causing more than $379 million o recognize these risks and offer specialized liability protection in 1998. Since then, Chubb has supported thousands of clients through privacy and network security incidents, and assisted policyholders in reducing their risk through underwriting and loss mitigation services. This experience and claims data has allowed Chubb to refine underwriting strategy and cyber insurance policies to match the ever-evolving range of cyber threats. It also enables us to educate our clients on how to mitigate their risk exposure and develop response readiness strategies. During my eight years in the company's cyber and professional liability group, I have watched firsthand as threats have become more frequent and severe, and cyber insurance has gone from an optional "nice to have" in their risk management portfolio to an essential safeguard. Just as our policies have adapted to the changing landscape, all individuals and businesses need to tailor their protective measures to today's modern threats. A GROWING THREATCybercrime is nothing new, but risks have proliferated as the world becomes more dependent on technology. Organizations of every size and industry around the globe rely on a growing array of digital tools, many of which are interconnected. These systemic risks create the potential not only for annoying and costly disruptions, but also for cyber incidents of catastrophic proportions. Even as cybersecurity solutions evolve, malicious actors are often one step ahead in finding creative ways to exploit weaknesses across environments. Accelerated digitization, combined with an abrupt move toward remote and hybrid work in recent years, has made people and companies more vulnerable. We commonly see phishing scams, business email compromise schemes, social engineering tactics, business interruption attacks, and zero-day exploits, which prey on previously unknown software flaws and lack known fixes. The impact of cyber incidents can be colossal. Breaches that shut down a business for even a short period can have a considerable impact on reputation, customer retention and revenue. One well-known retailer experienced an attack that prevented people from buying items online for months. The incident hurt the brand's image, and impatient customers went elsewhere. Breaches at financial institutions have caused clients By Erin Flett, Vice President of Cyber and Professional Liability, ChubbErin Flett
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