AIG report explores the human factor in relation to cyber risks
Authored by AIG
Essays and articles about cyber risk often refer to human error as a major driver of cyber incidents and the financial losses arising from them – up to 95% of all breaches. But what is human error and how are human traits and behaviours exploited by malevolent actors?
By better understanding these vulnerabilities, more can be done to address them and build greater cyber resilience.
This paper explores the human factor in relation to cyber vulnerabilities, considering a range of scenarios in which end users and infrastructure are exploited by hackers and fraudsters. It considers the different types of human vulnerability and how it might be reduced through better awareness and training and a more robust IT infrastructure.
Against a backdrop of global pandemic, we also consider the additional exposures businesses face when their staff are working remotely. In times of crisis, employees may be forced to fall back on dated, unpatched devices and software and are potentially more vulnerable to scams that prey on their natural fears.
Rather than blaming employees for making mistakes, the report argues it is time to take a new approach to addressing the human side of cyber risk, by identifying and addressing the underlying root cause: human behaviour. It is an approach which recognises all the nuances of what is primarily a sentient threat with recommendations and solutions, but without stigmatising the user as the culprit.
We replace the term ‘human error’ with ‘human factor’ in an attempt to move away from negative connotations while also offering more scope for organisations to identify opportunities in addition to threats.
Organisations are investing heavily in protecting their IT systems with security controls and other infrastructure with spending set to surpass $42 billion in 2020. But is the corporate world investing as much as it needs to in ensuring that its people are the first line of defence when it comes to protecting their data and systems?
To download the Human Cyber Risk report from AIG CLICK HERE
In the UK, AIG Europe Limited is one of the largest insurance companies specialising in the UK business insurance market. With offices throughout the country, AIG insures many of the UK’s top businesses, thousands of mid sized and smaller companies, as well as millions of individuals. Over the past 60 years, AIG has established an enviable reputation for developing innovative insurance products that keep in step with new trends and directions in business. Today, AIG has one of the widest product ranges in the market. youTalk-insurance sharing AIG insurance news and video.
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