Beyond Cyber Insurance: Strengthening Risk Management Frameworks

The recent outage caused by a software bug in CrowdStrike's quality-control system has underscored the escalating nature of digital risk events. The disruption, which affected sectors ranging from aviation to banking, has led to insured losses estimated between $400 million and $1.5 billion, according to cyber analytics firm CyberCube. This incident may be the largest single cyber insurance loss to date. Companies must move beyond traditional reactive measures and invest in proactive, integrated risk management (IRM) frameworks encompassing a comprehensive view of potential threats.