View from Davos: The Changing Economics of Cybercrime


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But like pushing regulations that require fire sprinklers in buildings and seatbelts in cars, insurance can rewrite the rules of how cyber risk is managed by helping our clients make their digital infrastructure significantly more resilient to extortion threats. But the digital nature of cybercrime makes the opportunity uniquely attractive, due to the following:Cryptocurrency makes online extortion, trading illicit goods and services, and laundering fraudulent funds highly anonymous and usually beyond the reach of Western financial regulators or inspection. Fighting cybercrime is a team sport, and to succeed, we must adopt this framework of cyber resilience that integrates the technical, policy, behavioral, and economic elements necessary to manage the reality of ever-growing cybercrime as a predictable and manageable cyber risk.

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