One need not look any further than the 2016 U.S. presidential election to witness the evolution of cyber risk and its impact on our daily lives. The risk, once limited to business-to-consumer and technology companies, is now a chief concern of individuals, governments, and companies across industry sectors worldwide.
Several cyber risk trends emerged or intensified in 2016, including:
- the threat is no longer limited to the theft of consumer data—or the theft of data at all;
- cyber events have become entry points rather than end results; and
- the cyber threat grew more asymmetrical in the face of increasingly sophisticated threat actors and a lack of information sharing by companies.
These trends, which are poised to continue into 2017 and beyond, illustrate that increased information sharing — both among private sector companies and with certain public sector entities—is more important than ever in combatting the cyber threat.