Parallels between cyber and financial contagion risk

Increasing interdependency and opacity of technology systems poses major risk

cyber-padlock

The increasing interconnectedness and opacity of global IT systems presents a contagion risk similar to that experienced during the financial crisis, according to Geoffrey Au, chief risk officer (CRO), global life, Asia Pacific & Middle East at Zurich Insurance.

Au was giving the keynote address at the Insurance Risk Asia conference in Hong Kong today where he warned that the issue of cyber risk was not seen as one that posed a serious immediate danger to firms. He pointed to the acceleration in