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A TechRisk/RiskTech Reading List from Risk Management Magazine

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Last week, the RIMS TechRisk/RiskTech virtual event featured two days of education content on some of the biggest challenges and opportunities in modern risk management, focusing extensively on cyberrisk as well as risktech—the latest technology tools and techniques for managing risk. As the presentations made clear, technology introduces some of the greatest risks to organizations, but also some of the most promising innovations to introduce or enhance risk management.

“We all know that, ‘As fast as a business develops a strategy to protect their organization’s digital assets, cyber predators have already figured out their next move,’” said Patrick Sterling, vice president of legendary people and risk management at Texas Roadhouse Restaurants and 2022 president of RIMS. “So, risk professionals must do what risk professionals do best: We must adapt. And we must adapt quickly.”

“We can’t forget about the risks that preceded this pandemic, and top on that list stands technology,” Sterling added in his address during the event. “Cyber gets a bad rap—when we talk about risk, we must remember risk can lead to positive outcomes. While greater dependency on technology has opened the door to more threats, it also allows us to improve processes, keep employees safe, boost efficiencies and engage our customers in a whole new way.”

As a RIMS virtual event, the content from TechRisk/RiskTech will be available for attendees or new registrants to view on-demand for the next 60 days, and you can check out the sessions here.

Following the TechRisk/RiskTech event and last Friday’s international Data Privacy Day, risk professionals who want to learn more about cyberrisk and risktech topics can also check out a wealth of related articles from Risk Management Magazine. Whether you would like to keep up the education after attending TechRisk/Risktech or just want to catch up on topics like cyberrisk, ransomware, cyber insurance, risktech, artificial intelligence, the internet of things and connected devices, and other technology that can help manage risk, here’s a roundup of recent Risk Management articles on cyberrisk and risktech:

Tech Risk (Cyberrisk):

Risktech:

RIMS TechRisk/RiskTech: Using Cyberrisk Analytics to Improve Your Cyber Insurance Program

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As ransomware continues to spread and payment costs increase, cyber insurance rates have gone up exponentially. As a result, it is more important than ever for companies to understand their cyber vulnerabilities and exposures so they can ensure they are properly covered. One way to do this is through analytics.

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In a presentation at the RIMS TechRisk/RiskTech virtual event, Scott Stransky, managing director and head of the Cyber Risk Analytics Center at Marsh McLennan, outlined some of the key data that can help companies get a full view of their risk.

According to Stransky, there are five categories of data that are most important to determining your risk profile. Much of this data is in publicly available datasets that insurers already consult, so it is important that you have a handle on this information as well so you know how underwriters and other outsiders are viewing you:

  1. Firmographics: company demographics like revenue, employee count, industry, location, and company hierarchy
  2. Historical incidents: past breaches and insurance claims
  3. Technographics: a company’s external cybersecurity posture including the presence of firewalls, open ports, frequency of system patching, as well as internal cybersecurity practices like password management and data encryption
  4. Scoring: combines firmographics, historical incidents and technographics into a single number that designates the level of vulnerability
  5. Loss modeling: brings all elements together to predict the likelihood and cost of an event

Armed with this data, companies can take steps to make it easier to access optimal cyber insurance coverage and better insurance pricing. These could include improving your security and claims posture by addressing potential cybersecurity gaps, updating incident response plans, and identifying vendor partners to help improve security posture or respond to incidents. Companies can also explore policy structure options in terms of different program components (limits, attachment, coverage, risk retention, etc.

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) and consider alternative terms and conditions.
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Finally, it is important to provide robust underwriting data by using assessment tools to minimize the need for supplemental applications, preparing for additional questions from underwriters, and highlighting significant cybersecurity updates and improvements over the past year.

In particular, companies should focus on what Stansky called the top 12 cybersecurity controls for risk mitigation, resilience and insurability:

  1. Multifactor authentication (MFA)
  2. Endpoint detection and response
  3. Secured, encrypted and tested backups
  4. Privileged access management
  5. Email filtering and web security
  6. Patch and vulnerability management
  7. Cyber incident response planning and testing
  8. Cybersecurity awareness training
  9. Hardening techniques, including remote desktop protocol mitigation
  10. Logging and monitoring/network protection
  11. End-of-life system replacement
  12. Vendor/digital supply chain risk management

For those that missed RIMS TechRisk/RiskTech, you can register and access the virtual event here. Sessions will be available on-demand for the next 60 days.

RIMS TechRisk/RiskTech: Opportunities and Risks of AI

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On the first day of the RIMS virtual event TechRisk/RiskTech, author and UCLA professor Dr. Ramesh Srinivasan gave a keynote titled “The Opportunities and Downside Risks of Using AI,” touching on the key flashpoints of current technological advancement, and what they mean for risk management. He noted that as data storage has become far cheaper, and computation quicker, this has allowed risk assessment technology to improve. But with these improvements come serious risks.

Srinivasan provided an overview of where artificial intelligence and machine learning stand, and how companies use these technologies. AI is “already here,” he said, and numerous companies are using the technology, including corporate giants Uber and Airbnb, whose business models depend on AI. He also stressed that AI is not the threat portrayed in movies, and that these portrayals have led to a kind of “generalized AI anxiety,” a fear of robotic takeover or the end of humanity—not a realistic scenario.

However, the algorithms that support them and govern many users’ online activities could end up being something akin to the “pre-cogs” from Minority Report that predict future crimes because the algorithms are collecting so much personal information. Companies are using these algorithms to make decisions about users, sometimes based on data sets that are skewed to reflect the biases of the people who collected that data in the first place.

Often, technology companies will sell products with little transparency into the algorithms and data sets that the product is built around. In terms of avoiding products that use AI and machine learning that are built with implicit bias guiding those technologies, Srinivasan suggested A/B testing new products, using them on a trial or short-term basis, and using them on a small subset of users or data to see what effect they have.

When deciding which AI/machine learning technology their companies should use, Srinivasan recommended that risk professionals should specifically consider mapping out what technology their company is using and weigh the benefits against the potential risks, and also examining those risks thoroughly and what short- and long-term threats they pose to the organization.

Specific risks of AI (as companies currently use it) that risk professionals should consider include:

  • Economic risk in the form of the gig economy, which, while making business more efficient, also leaves workers with unsustainable income
  • Increased automation in the form of the internet of things, driverless vehicles, wearable tech, and other ways of replacing workers with machines, risk making labor obsolete.
  • Users do not get benefits from people and companies using and profiting off of their data.
  • New technologies also have immense environmental impact, including the amount of power that cryptocurrencies require and the health risks of electronic waste.
  • Issues like cyberwarfare, intellectual property theft and disinformation are all exacerbated as these technologies advance.
  • The bias inherent in AI/machine learning have real world impacts. For example, court sentencing often relies on biased predictive algorithms, as do policing, health care facilities (AI giving cancer treatment recommendations, for example) and business functions like hiring.

Despite these potential pitfalls, Srinivasan was optimistic, noting that risk professionals “can guide this digital world as much as it guides you,” and that “AI can serve us all.”

RIMS TechRisk/RiskTech continues today, with sessions including:

  • Emerging Risk: AI Bias
  • Connected & Protected
  • Tips for Navigating the Cyber Market
  • Taking on Rising Temps: Tools and Techniques to Manage Extreme Weather Risks for Workers
  • Using Telematics to Give a Total Risk Picture

You can register and access the virtual event here, and sessions will be available on-demand for the next 60 days.

RIMS Risk Forum India 2021: Building Resilience As COVID, Cyberrisk Top Business Risks

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An increasingly key theme year over year, resilience is at the root of the latest Excellence in Risk Management India report from Marsh and RIMS—and the RIMS Risk Forum India 2021 virtual event, where the report was officially released today. In the second year of the COVID-19 pandemic, risk professionals in India reported acute short- and long-term concerns about the interconnected risks of COVID-19 cases, global economic recession, and surging cyberrisks amid shifts in work arrangements.

In addition to the death of more than 5 million people in India, the pandemic has taken a considerable economic toll on the region. “According to the Organization for Economic Co-operation and Development (OECD), India’s economy contracted by close to 8% in 2020, while the world’s economy contracted by 3.5%,” the report noted. “Despite the OECD’s projections for economic expansion—both in India and globally—in 2021 and 2022, the potential for a prolonged global recession remains a concern for organizations in India.

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Previously one of the top risks for India-based risk professionals before COVID-19, cyberrisk has also increased significantly with the pandemic and the shift to remote work. “The shift to a remote workforce necessitated by sweeping lockdowns to stem the spread of the pandemic is widely seen as having increased cyberrisk,” Marsh and RIMS noted. “The Indian Computer Emergency Response Team (CERT-In) data indicated that cyberattacks in India rose by 300% in 2020, according to news reports. And cyber risk remained elevated in 2021, with more than 600,000 cybersecurity incidents reported in the first six months of the year alone, according to CERT.”

The continuing pandemic, resulting fallout, and ever-growing cyberrisk have presented the biggest risks for organizations in India in 2021, and the survey indicates that local risk professionals expect these to dominate the agenda for businesses in the year to come.

Despite the considerable concern, few respondents said their company is fully prepared for the continued fallout from COVID-19 or future pandemics. Asked to rate their organization’s preparedness from 1 to 5 (not prepared to fully prepared, respectively), the majority of India-based risk professionals ranked their organization a 3, and only 10% said they are fully prepared. While cyberrisk has been a top threat for longer, preparation is not much better for the threat—only a quarter of Indian companies said they are fully prepared for a cyberattack. This is particularly concerning as “some extent of remote work is expected to remain, leading to concerns of increased cyberattacks due to unsecured home networks,” Marsh said in a press release.

According to the report, this underscores the imperative to develop robust risk management strategies for both current and emerging risks and to focus on building resilience. Marsh identified four “common behaviors among companies that are on the path to becoming more resilient”: anticipating risk, connecting risk management to business strategy, avoiding gaps in the perception of preparedness, and measuring relevant data. Marsh and RIMS explained these further, defining key pillars that have set successful businesses apart, and potentially also offering considerations for other organizations to develop more mature risk management programs:

  • Anticipation: Resilient companies expect the unexpected. They have crisis management plans in place, but they also dig deeper, look farther ahead. Consider that during the pandemic even organizations with thorough business continuity plans struggled. Why? Many of them didn’t fully anticipate the widespread, long-lasting damage a pandemic could create.
  • Integration: Another key behavior among resilient organizations is to fully integrate risk management with operations and strategy. Doing so increases the ability to develop effective responses. Most organizations do not connect resilience planning with their long-term investment strategy. Those that do make the connection are on the path to better mitigating financial exposure, reputational damage, business interruption, and other losses.
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  • Preparedness: On the journey to resilience, it’s important to develop an accurate perception of an organization’s preparedness. A false sense of security can halt an organization in its tracks. Companies often overestimate how quickly and effectively they will be able to respond to and recover from a given risk.
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  • Measurement: There is no shortage of data and analytics in today’s business environment. But consistently applying metrics can be a stumbling block. Many companies fail to conduct a high rate of modeling and forecasting even on risks they see as important. And among the companies that do so, most only model in select areas.

Marsh and RIMS recommended that organizations in India focus on resilience heading into 2022 and beyond. “Resilience means being able to absorb the impact from a range of emerging risks and depends in large part on having robust risk management strategies in place,” the report explained. “This includes anticipating risk, connecting risk management to business strategy, ensuring your organization’s perception of preparedness doesn’t lead to a false sense of security, and measuring relevant data.”

Respondents largely indicated that their organization planned to increase investment in risk management, with 55% saying they expect increased resources, 27% expecting investment to stay the same, and only 4% expecting a decrease. This could be a critical differentiator in navigating COVID-19 recovery and other emerging risks in 2022. Indeed, 42% cited budget at the most critical barrier to understanding the impact of emerging risks on risk management.

Among the takeaways from the report, Marsh and RIMS urged organizations to invest in preparedness. “Look beyond pandemic as you develop a risk management strategy that is prepared to respond to any number of emerging risks,” the report said. “For example, shifting work patterns have intensified an already escalating cyber risk landscape that calls for a range of responses, from scenario planning to financial quantification.”

In addition to a panel on the Excellence in Risk Management India report, the RIMS Risk Forum India 2021 virtual event includes a number of sessions that address resilience challenges and opportunities for risk professionals in India. The program includes keynote addresses by Ajay Srinivasan, chief executive officer at Aditya Birla Capital Limited (ABCL), and Dr. Soumya Kanti Ghosh, group chief economic advisor at the State Bank of India, as well as education sessions like “Cyber Risk Management: A Priority for a Resilient Economy,” “Climate Risk and Your Path to Resilience,” “What COVID-19 Has Taught Us About ESG Risks and Why Risk Management Needs to Change,” and “Breaking the Chain: How Understanding Business Interruption Exposures Can Mean Supply Chain Resilience.”

The RIMS Risk Forum India 2021 virtual event continues tomorrow, December 4, and sessions will also be available for on-demand viewing for the next 60 days. Registration can be found here: https://www.rims.org/events/rf/india-forum-2021