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Cyber in 2023: Geopolitical & Economic Risks

Cyberattacks have a significant impact on businesses and the wider economy. They can cause direct financial losses for the companies that are targeted, and this can also lead to indirect costs such as business disruption, loss of productivity, along with regulatory and reputational damage. Furthermore, many organisations are required to invest in new cybersecurity technologies and personnel to better protect themselves against future attacks. These costs can be significant and can divert resources away from other business priorities. The impacts of cyberattacks can ripple throughout the broader economy. What’s more, large-scale cyberattacks can result in the loss of sensitive personal information, which can be harmful by eroding consumer trust. With the increasing number of cyberattacks, there is greater recognition of the national security risks and need for alliances, reinforcing the notion of friend-shoring and tech sovereignty.

Kroll is one of the largest risk management and financial services companies in the world and provides a variety of different types of services for its clients, everything from valuations to M&A consultancy, traditional investigations, business services, and cyber risk solutions. The most effective way to divide the cyber world is to split it into two factions: risk mitigation prior to an incident and post-incident management. Before an incident, Kroll helps clients manage their risk through a variety of different types of governance, risk, and compliance work, technical penetration testing and managed services. Post-incident, Kroll is a global leader and “has the largest market share of the incident response space in the world” says Jason Smolanoff, the president of cyber risk at Kroll.

Business leaders are acutely aware of the threat of cyberattacks to their bottom line and the cost of having to proactively prepare against them. “There are clear intersections between cybersecurity and macroeconomics,” says Megan Greene global chief economist and Kroll Institute fellow. But, for the most part, economists have been largely willing to ignore the threat because it is so difficult to forecast exactly what an attack might look like and when it might hit.

Cybersecurity and macroeconomics overlap specifically in the areas of financial stability and economic growth. Cyberattacks can disrupt the normal functioning of financial markets and can also target financial institutions and critical infrastructure, which can lead to financial instability. They also create distortions in the markets, with firms of cyber attacked underperforming the sector and market long after the event. Additionally, these attacks can disrupt supply chains, dragging on productivity and pushing prices up. Compounding this, these economic factors can also affect the cybersecurity industry. For example, changes in government regulations can impact the costs of implementing cybersecurity measures for companies and can also affect the demand for cybersecurity products and services.

Kroll helps its clients mitigate the likelihood and impact of a cyberattack through testing, assessments, and technology, such as its managed detection and response solution, Kroll Responder. It is also well-known for handling incidents, working closely with legal experts and insurance providers in both an investigative capacity and during the data breach notification process. Kroll’s work allows it to build a safer, more secure future for the businesses it serves and the wider economy.

Cyberattacks have a significant impact on businesses and the wider economy. They can cause direct financial losses for the companies that are targeted, and this can also lead to indirect costs such as business disruption, loss of productivity, along with regulatory and reputational damage. Furthermore, many organisations are required to invest in new cybersecurity technologies and personnel to better protect themselves against future attacks. These costs can be significant and can divert resources away from other business priorities. The impacts of cyberattacks can ripple throughout the broader economy. What’s more, large-scale cyberattacks can result in the loss of sensitive personal information, which can be harmful by eroding consumer trust. With the increasing number of cyberattacks, there is greater recognition of the national security risks and need for alliances, reinforcing the notion of friend-shoring and tech sovereignty.

Kroll is one of the largest risk management and financial services companies in the world and provides a variety of different types of services for its clients, everything from valuations to M&A consultancy, traditional investigations, business services, and cyber risk solutions. The most effective way to divide the cyber world is to split it into two factions: risk mitigation prior to an incident and post-incident management. Before an incident, Kroll helps clients manage their risk through a variety of different types of governance, risk, and compliance work, technical penetration testing and managed services. Post-incident, Kroll is a global leader and “has the largest market share of the incident response space in the world” says Jason Smolanoff, the president of cyber risk at Kroll.

Business leaders are acutely aware of the threat of cyberattacks to their bottom line and the cost of having to proactively prepare against them. “There are clear intersections between cybersecurity and macroeconomics,” says Megan Greene global chief economist and Kroll Institute fellow. But, for the most part, economists have been largely willing to ignore the threat because it is so difficult to forecast exactly what an attack might look like and when it might hit.

Cybersecurity and macroeconomics overlap specifically in the areas of financial stability and economic growth. Cyberattacks can disrupt the normal functioning of financial markets and can also target financial institutions and critical infrastructure, which can lead to financial instability. They also create distortions in the markets, with firms of cyber attacked underperforming the sector and market long after the event. Additionally, these attacks can disrupt supply chains, dragging on productivity and pushing prices up. Compounding this, these economic factors can also affect the cybersecurity industry. For example, changes in government regulations can impact the costs of implementing cybersecurity measures for companies and can also affect the demand for cybersecurity products and services.

Kroll helps its clients mitigate the likelihood and impact of a cyberattack through testing, assessments, and technology, such as its managed detection and response solution, Kroll Responder. It is also well-known for handling incidents, working closely with legal experts and insurance providers in both an investigative capacity and during the data breach notification process. Kroll’s work allows it to build a safer, more secure future for the businesses it serves and the wider economy.

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Cyber in 2023: Geopolitical & Economic Risks

Cyberattacks have a significant impact on businesses and the wider economy. They can cause direct financial losses for the companies that are targeted, and this can also lead to indirect costs such as business disruption, loss of productivity, along with regulatory and reputational damage. Furthermore, many organisations are required to invest in new cybersecurity technologies and personnel to better protect themselves against future attacks. These costs can be significant and can divert resources away from other business priorities. The impacts of cyberattacks can ripple throughout the broader economy. What’s more, large-scale cyberattacks can result in the loss of sensitive personal information, which can be harmful by eroding consumer trust. With the increasing number of cyberattacks, there is greater recognition of the national security risks and need for alliances, reinforcing the notion of friend-shoring and tech sovereignty.

Kroll is one of the largest risk management and financial services companies in the world and provides a variety of different types of services for its clients, everything from valuations to M&A consultancy, traditional investigations, business services, and cyber risk solutions. The most effective way to divide the cyber world is to split it into two factions: risk mitigation prior to an incident and post-incident management. Before an incident, Kroll helps clients manage their risk through a variety of different types of governance, risk, and compliance work, technical penetration testing and managed services. Post-incident, Kroll is a global leader and “has the largest market share of the incident response space in the world” says Jason Smolanoff, the president of cyber risk at Kroll.

Business leaders are acutely aware of the threat of cyberattacks to their bottom line and the cost of having to proactively prepare against them. “There are clear intersections between cybersecurity and macroeconomics,” says Megan Greene global chief economist and Kroll Institute fellow. But, for the most part, economists have been largely willing to ignore the threat because it is so difficult to forecast exactly what an attack might look like and when it might hit.

Cybersecurity and macroeconomics overlap specifically in the areas of financial stability and economic growth. Cyberattacks can disrupt the normal functioning of financial markets and can also target financial institutions and critical infrastructure, which can lead to financial instability. They also create distortions in the markets, with firms of cyber attacked underperforming the sector and market long after the event. Additionally, these attacks can disrupt supply chains, dragging on productivity and pushing prices up. Compounding this, these economic factors can also affect the cybersecurity industry. For example, changes in government regulations can impact the costs of implementing cybersecurity measures for companies and can also affect the demand for cybersecurity products and services.

Kroll helps its clients mitigate the likelihood and impact of a cyberattack through testing, assessments, and technology, such as its managed detection and response solution, Kroll Responder. It is also well-known for handling incidents, working closely with legal experts and insurance providers in both an investigative capacity and during the data breach notification process. Kroll’s work allows it to build a safer, more secure future for the businesses it serves and the wider economy.

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