Cyber attacks are increasingly sophisticated and common, making them even more difficult to plan for, says Sanjay Samuel, head of financial crime in Asia Pacific at BAE Systems Applied Intelligence.
According to Samuel, “the increased sophistication of cyber criminals is relentless and as they become more creative, they are finding new and increasingly invasive ways to target companies.”
A better strategy would be a combined approach to cyber risk because “the separation of teams within businesses and insurers could lead to miscommunication, which could be devastating,” said Samuel.
The silo approach is constrained by the fact that different teams are looking at different aspects of the same problem without sharing information, and the problem is not just limited to businesses.
Samuel noted that the insurance industry is commonly a target of cyber criminals and that a combined approach can help reduce risk and expenditures. “For example, when it comes to collecting and analyzing data, fraud detection teams often focus on financial transactions, while the cyber defense team conducts analysis on the data from information systems. Ideally, these teams should work together to fight the onslaught of cyber crime.”