Cybersecurity and the Interconnectedness of Infastructure Tops List of Emerging Risks

For the fourth year in a row, cybersecurity and the interconnectedness of infrastructure was named as the top emerging risk in an anonymous international survey of actuaries.

The “11th Annual Survey of Emerging Risks,” issued by the Casualty Actuarial Society, Canadian Institute of Actuaries and the Society of Actuaries’ Joint Risk Management Section, asked a group of approximately 220 risk managers to weigh in on everything from terrorism and financial volatility to regional instability and asset price collapse.

Ranking Emerging Risks

Since 2014, cybersecurity and the interconnectedness of infrastructure has led the pack of imminent risks, though the percentages have stabilized somewhat. Cyberthreats represented the top concern for 65 percent of those surveyed in 2015, for example, but this number fell to 53 percent in 2016 and remained constant in 2017.

After cybersecurity, terrorism, technology, regional instability and asset price collapse rounded out the list of the top five emerging risks. Financial volatility, meanwhile, fell off of the list in 2017 despite holding the No. 2 spot for the three previous years.

The survey asked actuaries to identify the top current risk, emerging risk and “risk combinations.” Cyber/interconnectedness of infrastructure was the No. 1 choice across all categories, including the “Top Risk Combinations” category, where it was paired with technology. Terrorism and cyber/interconnectedness of infrastructure also placed third on this list.

Looking Toward the Future

The authors noted that there is a difference between looking at emerging risks that could affect our short-term future and those that might pose problems for the next generation. Looking out to 2050, for example, 30 percent of respondents cited geopolitical issues as their top concern, while technological risk ranked lower at 23 percent.

The Joint Risk Management Section, which convened several associations to conduct the survey, said it would release additional results with more open-ended answers from respondents later this year.

Shane Schick

Writer & Editor

Unpacking the NIST cybersecurity framework 2.0

4 min read - The NIST cybersecurity framework (CSF) helps organizations improve risk management using common language that focuses on business drivers to enhance cybersecurity.NIST CSF 1.0 was released in February 2014, and version 1.1 in April 2018. In February 2024, NIST released its newest CSF iteration: 2.0. The journey to CSF 2.0 began with a request for information (RFI) in February 2022. Over the next two years, NIST engaged the cybersecurity community through analysis, workshops, comments and draft revision to refine existing standards…

What should Security Operations teams take away from the IBM X-Force 2024 Threat Intelligence Index?

3 min read - The IBM X-Force 2024 Threat Intelligence Index has been released. The headlines are in and among them are the fact that a global identity crisis is emerging. X-Force noted a 71% increase year-to-year in attacks using valid credentials.In this blog post, I’ll explore three cybersecurity recommendations from the Threat Intelligence Index, and define a checklist your Security Operations Center (SOC) should consider as you help your organization manage identity risk.The report identified six action items:Remove identity silosReduce the risk of…

Obtaining security clearance: Hurdles and requirements

3 min read - As security moves closer to the top of the operational priority list for private and public organizations, needing to obtain a security clearance for jobs is more commonplace. Security clearance is a prerequisite for a wide range of roles, especially those related to national security and defense.Obtaining that clearance, however, is far from simple. The process often involves scrutinizing one’s background, financial history and even personal character. Let’s briefly explore some of the hurdles, expectations and requirements of obtaining a…

Security Intelligence

{{title}}

{{title}}

{{title}}

Topics

Ranking Emerging Risks

Looking Toward the Future

More from

Unpacking the NIST cybersecurity framework 2.0

What should Security Operations teams take away from the IBM X-Force 2024 Threat Intelligence Index?

Obtaining security clearance: Hurdles and requirements

Topic updates