According to a report by Moody’s, a quarter of the debt it rates globally carries a high cyber risk. Fitch has observed that US corporations’ cybersecurity expenses have recently come under intense pressure.
1- What is cyber security? “Cybersecurity is the concept that encompasses information security, electronic security, digital security, and other related concepts. It is the protection of networks, information technology systems, operational technology systems, their hardware and software components, the services they provide, and the data they contain from any intrusion, disruption, modification, access, use, or unauthorised exploitation project.
2.
“Unlawful exploitation of computer systems, networks, and businesses whose operations depend on digital information and communications technology; with the intention of causing harm.” Any hostile activity that aims to gain unauthorised access to information system resources or the data itself is included in this category.
Moody’s observed, in a report released last Wednesday, a noteworthy growth in cyber dangers around the world, despite the steps taken by businesses to combat them and lessen their impact, according to the Saudi Central Bank website. She stated that out of an overall debt of (80 trillion dollars), around (20 trillion dollars) is “exposed to high or extremely high cyber dangers.”
However, the report’s lead author, Stephen Liberty, said that businesses from a variety of industries are investing more in cybersecurity measures to reduce risks and boost consumer confidence.
The credit rating agency (Fitch) also warned that American businesses’ cybersecurity budgets are under intense pressure as a result of declining sales, high interest rates, and the effects of the strong currency on foreign corporations that do business with the United States.
In a statement released on Wednesday, it also noted that investing in cyber security “is not immune to the present prevalent policy of cost reduction, which may lead to an increased risk of cyber assaults.
Only 42% of the 2,031 American member companies in an Information Systems Audit and Control Association (ISACA) research that included them claimed that their cybersecurity budgets were sufficiently funded.
While 63% of them stated that they had not filled cybersecurity-related positions, A yearly assessment of cyber risk is only done by 41% of member companies.
Up to mid-April of this year, the Carnegie Endowment for International Peace maintained a timeline of cyberattacks that attacked financial institutions, the currency market, and crypto-tokens. Some attacks also targeted banking applications, such as the hacking of phoney calls (FakeCalls) in Korea.
Al Janoubia is a software that asks clients questions as if they were bank employees in order to learn more about them, their accounts, and their banking activities. At the end of August, (Fitch) published a paper pointing out that insurance companies are willing to profit from the apparent rise in cyber threats, particularly through (ransom programs).
It cited the Munich Re global reinsurance company’s forecast that the cost of insurance against cyber risks will rise to 22 billion dollars globally by 2025 from 9.2 billion dollars at the start of this year as a result of the growing demand for insurance coverage and the growing awareness of the seriousness of these threats.
According to the credit rating agency, the United States now has the largest cyber insurance market, with $5 billion in premiums and a 74% increase in annual premiums in the previous year.
Moody’s: $20 trillion at high risk due to cybersecurity
About Author
