Cyber breaches have doubled in five years, says Zurich report
Zurich’s Global Risks Report for 2018 has highlighted the increasing threat businesses have to contend with in the field of cyber security.
According to the report, cyber breaches recorded by companies have doubled since 2012 from 68 per business to 130 per business in 2017, with ‘dark net’ markets for malware goods and services having undergone a resurgence.
The proliferation of cloud services being used by companies has also further exposed them to risk, with the report counting Internet of Things (IoT) devices globally at 8.4bn, which exceeds the global population of 7.6bn. By 2020, that number is expected to reach 20.4bn.
Businesses are committing more and more capital to preventing cyber attacks, with 254 companies surveyed last year putting aside an average annual firefighting sum of £11.7mn. $8trn is expected to be spent collectively on stopping attacks around the world over the next five years.
The Global Risk Report, an annual publication by the Swiss insurance group, also investigates the environmental risks that have developed in recent years alongside those associated with cyber security, while too measuring fiscal indicators that suggest potential threats to the global economy.
By reading the report in full here (link below), executives can learn more about risks that could be just around the corner in Zurich’s new ‘Future Shocks’ section, while in ‘Hindsight’ the report looks back at past editions to analyse the evolution of previous risks.
Created in partnership with Marsh & McLennan Companies, the National University of Singapore, Oxford Martin School at Oxford University and Wharton Risk Management and Decision Processes Centre, University of Pennsylvania, the 2018 report was Zurich’s 13th edition of the Global Risks Report.
5 minutes with... Janthana Kaenprakhamroy, CEO, Tapoly
Founder and CEO of award-winning insurtech firm Tapoly, Janthana Kaenprakhamroy heads up Europe’s first on-demand insurance platform for the gig economy, winning industry awards, innovating in the digital insurance space, and leading with inclusivity.
Here, Business Chief talks to Janthana about her leadership style and skills.
What do you do, in a nutshell?
I’m founder and CEO of Tapoly, a digital MGA providing a full stack of commercial lines insurance specifically for SMEs and freelancers, as well as a SaaS solution to connect insurers with their distribution partners. We build bespoke, end-to-end platforms encompassing the whole customer journey, but can also integrate our APIs within existing systems. We were proud to win Insurance Provider of the Year at the British Small Business Awards 2018 and receive silver in the Insurtech category at the Efma & Accenture Innovation in Insurance Awards 2019.
How would you describe your leadership style?
I try to be as inclusive a leader as possible. I’m committed to creating space for everyone to shine. Many of the roles at Tapoly are performed by women and I speak at industry events to encourage more people to get involved in insurance/insurtech. Similarly, I always try to maintain a growth mindset. I think it’s important to retain values to support learning and development, like reliability, working hard and punctuality.
What’s the best leadership advice you’ve received?
Build your network and seek advice. As a leader, you need smart people around you to help you grow your business. It’s not about personally being the best, but being able to find resources and get help where needed.
How do you see leadership changing in a COVID world?
I think the pandemic has proven the importance of inclusive leadership so that everyone feels supported and valued. It’s also shown the importance of being flexible as a leader. We’ve had to remain adaptable to continue delivering high levels of customer service. This flexibility has also been important when supporting employees as everyone has had individual pressures to deal with during this time. Leaders should continue to embed this flexibility within their organisations moving forward.
They say ‘from every crisis comes opportunity’, what opportunities do you see?
The past year has been challenging, but it has also proven the importance of digital transformation in insurance. When working from home was required, it was much harder for insurers to adjust who had not embedded technology within their operating processes because they did not have data stored in the cloud and it caused communication delays with concerned customers at a time when this communication should have been a priority, which ultimately impacts the level of customer satisfaction. This demonstrates the importance of what we are trying to achieve at Tapoly in driving digitalisation in insurance and making communication between insurers and distribution partners seamless.
What advice would you give to your younger self just starting out in the industry?
Start sooner, don’t be afraid to take (calculated) risks and make sure you raise enough money to get you through the initial seed stage.