Systemic Cyber Attacks Likely in Finance, Energy Industries

Do the recent power outages in L.A., NYC, and San Francisco serve as a foreshadowing of more systemic attacks to come.  Systemic cyber attacks on the financial and energy industries might include mass business interruptions, mass, DDoS coordinations against financial institutions, mass data theft, or flaws in commonly used  electronic medical record software or widely used payment processing software/hardware.  According to a recent report by American International Group, Inc. (AIG), nine in 10 global cyber security and risk experts believe that cyber risk is systemic and that the following industries are most likely to face attacks in 2017:  financial services, power/energy, telecommunications/utilities, healthcare, information technology.

Tracie Grella, Global Head of Cyber Risk Insurance, AIG said: “While data breaches and cyber related attacks have become more prevalent for individual businesses, concern about systemic cyber-attacks are on the minds of those in the very community dedicated to analyzing and preventing this threat.”

“Our highly-networked economy relies on secure, expedient, and constant data flow and electronic communication,” said Ms. Grella. “Disruptions to the flow and security of data can have cascading impacts and negatively impact institutions that rely on such data.”



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