Bond. Cyber Bond.
July 8, 2016
Capitalism is a wonderful thing. Free markets have helped humans identify and meet demands by supplying the products and services that envelop an economy. It is also worth noting that necessity is often called the mother of invention, and cybersecurity is not removed from the influence of this type of thinking.
Wired reports on a new thought experiment making its way through the security and policies communities. In short, the article’s writer posits that much of the financial exposure associated with recovery from cybercrime can be mitigated through insurance, or bonds, in much the same way that we address other types of large-scale risk. We insure the threats through large pools of investors and spread the risk. In good times, the pool of money pays a dividend to investors. In bad times, the fund is liquidated to the extent necessary to cover recovery expenses.
Because cybercrime is global in nature, the global community would be compelled to participate, and recovery costs not directly attributable would be assigned to the historic enemies of the victim nation states. All in all, a really interesting thought experiment.
Meanwhile, Back at the Ranch
While Wall Street figures out how to structure global cyber bonds and market them to their own significant benefit, your organization should grapple with the real, ever-present threat of a breach in your network or data. Such an incident, while inevitable but not imminent, can and should be planned for.
ICS has developed a program for Incident Response Planning, and it’s not a thought experiment. It’s a tangible plan of action that gets you from breach back to business as swiftly and smoothly as possible.
Call ICS today. Sounds like a plan.