Dr. Ioannis Agrafiotis, of the University of Oxford, shared the results of his research into systemic cyber risks at Artex's Roundtable, hosted in association with Airmic. He compared the findings with real-world scenarios and shared insights on strengthening businesses' resilience to cloud and software provider outages.

Alongside the Global Cyber Security Capacity Centre at Oxford, simulations were conducted over a six-year period covering cyber-attacks and supplier failures within digital ecosystems.

Both Dr. Agrafiotis' research and recent real-life cyber events emphasise the pressing need for businesses and their insurers to have the following:

  • Better understanding of core business dependencies within digital supply chains
  • Greater visibility of supply chain vulnerabilities
  • Knowledge of mitigations that could reduce the impact of supplier outages

They also point to the need for better board-level understanding of potential risks, closer communication between boards and their IT and risk management functions and, where possible, greater sharing of cyberthreat intelligence to reduce the number of businesses disrupted by common vulnerabilities.

Read now to learn more about the simulations run, lessons learned, systemic cyber risk outlook and integrating captive insurance into cyber resilience strategies.

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