Jan 17, 2023
Welcome to RIMScast. Your host is Justin Smulison, Business Content Manager at RIMS, the Risk and Insurance Management Society.
Joining RIMScast today is Josephine Wolff to provide a 2023 outlook on cybersecurity and insurance!
Josephine Wolff is an associate professor of cybersecurity policy at The Fletcher School at Tufts University. Her newest book, Cyberinsurance Policy: Rethinking Risk in an Age of Ransomware, Computer Fraud, Data Breaches, and Cyberattacks, came out just this last August and examines the development of cyberinsurance and addresses what governments can do to make it a more effective tool for cyber risk management. Josephine will also be a panelist on RIMS’s January 24th, 2023 webinar, “What to Expect from Cyber Insurance in 2023 and Beyond,” linked below under Upcoming Webinars.
In this interview, Josephine shares what risk professionals need to rethink or reevaluate in 2023, the top three cybersecurity issues that will have the largest impact on organizational leaders in 2023, her advice regarding cyber and ransomware attacks, and more.
Key Takeaways:
[:01] About the RIMS Membership.
[:14] Registration for RISKWORLD 2023 is now open!
[:34] About RIMScast.
[:45] About today’s episode.
[1:00] All about upcoming RIMS webinars, workshops, events, and more!
[2:18] All about today’s episode with Josephine Wolff.
[2:55] Justin Smulison welcomes Josephine to the podcast!
[3:07] Josephine shares her career history and what led her to pursue cybersecurity.
[5:17] Is it inevitable that we will all become victims of a cyber or ransomware attack at some point in our lives?
[6:57] Josephine shares her experiences with risk managers and professionals over the years.
[9:00] Top three cybersecurity issues that will have the largest impact on organizational leaders in 2023.
[12:22] As an instructor that teaches on the subject of cybersecurity, what is on the minds of Josephine’s students currently?
[16:05] RIMS plug time! All about upcoming RIMS virtual workshops.
[18:00] What risk professionals need to rethink or reevaluate in 2023.
[20:32] RIMS and several other organizations want the federal government in the U.S. to have a centralized framework to help prepare for and navigate the aftermath of major cyber attacks. How beneficial does Josephine feel this would be on a grand scale?
[23:42] Josephine gives a preview of the upcoming Telos webinar she will be joining RIMS for on January 24th, 2023.
[26:01] Josephine’s thoughts on whether the CIO is a new best friend for the risk manager.
[28:40] Are any of Josephine’s students on the path to becoming CIOs?
[29:25] Justin thanks Josephine Wolff for joining the podcast and shares some links to check in today’s show notes.
Mentioned in this Episode:
RISKWORLD 2023 — April 30‒May 3 in Atlanta, Georgia! Public registration is now open!
RIMS Virtual Workshops in 2023 — a Brief Dialogue with Instructor Elise Farnham
Contribute to Risk Management Magazine
Prepare for the RIMS-CRMP Certification exam with RIMS and St. John’s University from January 24‒25th. Learn about the five core competencies of a risk professional and enhance your risk management skills. Register now!
RIMS Events, Education, and Services:
RIMS Events App Apple | Google Play
NEW FOR MEMBERS! RIMS Mobile App
Dan Kugler Risk Manager on Campus Grant
Sponsor RIMScast: Contact sales@rims.org or pd@rims.org for more information.
Related RIMScast Episodes:
“2022: The Year in Risk (Part 1)”
“Cybersecurity and Data Privacy with Fred Karlinsky & Travis Wong” (2022)
“CERT-In Cyber Details to Know with Jyoti Krishnan”
“2022 Midyear Risk Review with RIMS Publications Director Morgan O’ Rourke”
“Getting to Know Jackware with Dan Healy of Anderson Kill”
“Cloud Security Risks with Google’s Monica Shokrai”
“Roadway Risks: AI, Autonomous Vehicles, & Automated Driving”
“Ransomware Risks and ‘Responding Gracefully’ with Masha Sedova”
“Cyber Breach Responses with Kate Fazzini, Flore Albo CEO”
“The World of Cybersecurity with NCSA’s Kelvin Coleman”
“Cybersecurity Frameworks with NIST Fellow, Ron Ross”
“Cyber Risk News & Trends with Tony Anscombe, Part 2”
More RIMS Resources on Cybersecurity and Cyber Insurance:
RIMS Letter to Federal Insurance Office Supports the Development of a Cyber Insurance Backstop
From Risk Management Magazine:
“Can Cyber Insurance Recovery from a Third Party Satisfy a Self-Insured Retention?” by Joshua Gold”
“Insurance Coverage For Jackware Attacks,” by Daniel J. Healy & Robert M. Horkovich
“Preparing for New U.S. Data Privacy Laws,” by Ben Richmond
“4 Principles to Improve Your Data Privacy Program,” by Ray Pathak
Upcoming Webinars:
“What to Expect from Cyber Insurance in 2023 and Beyond” | Sponsored by Telos | Jan. 24, 2023
“Demystifying Business Continuity for Risk Managers” | Sponsored by Riskonnect | Feb. 16, 2023
Virtual Workshops:
Captives as an Alternate Risk Financing Technique | January 18‒19 | 10:00 am‒5:00 pm ET Registration closes Jan. 17
Fundamentals of Insurance | January 25‒26, 2023 | 9:00 am‒4:30 pm ET
Registration closes Jan. 24
Fundamentals of Risk Management | February 14‒15, 2023 | 9:00 am‒3:00 pm ET
Registration Closes Feb. 13
See the full calendar of RIMS Virtual Workshops
Sponsored RIMScast Episodes:
“Using M&A Insurance: The How and Why” | Sponsored by Prudent Insurance Brokers Ltd. (NEW!)
“Zurich’s Construction Sustainability Outlook for 2023”
“Aon’s 2022 Atlantic Hurricane Season Overview”
“ESG Through the Risk Lens” | Sponsored by Riskonnect
“A Look at the Cyber Insurance Market” | Sponsored by AXA XL
“How to Reduce Lithium-Ion Battery Fire Risks” | Sponsored by TÜV SÜD
“Managing Global Geopolitical Risk in 2022 and Beyond” | Sponsored by AXA XL
“Keeping Subcontractors Safe Through Partner Elevation” | Sponsored by Highwire
“ESG: A Responsibility and a Growing Megatrend” | Sponsored by Prudent Insurance Brokers Ltd.
“Prioritizing People: Focusing on Your Team to Deliver Exceptional Quality and Service to Your Clients” | Sponsored by Gallagher Bassett
“Bermuda Opportunities in 2022 with BDA Chair Stephen Weinstein” | Sponsored by Bermuda Business Development Agency
“SyncR: A Tool to Enhance Your Risk Quality & Insurance Strategy” | Sponsored by Prudent Insurance Brokers Ltd.
“RIMScast: Navigating the Risk Landscape in 2022” | Sponsored by AXA XL
“RIMScast: Prioritizing People: Expertise and Innovation” | Sponsored by Gallagher Bassett
“RIMScast: Risk Findings for the Industrial & Manufacturing Industry” | Sponsored by Aon
“RIMScast: Establishing the Right Assurance to Request From Business Partners” | Sponsored by HITRUST
“RIMScast: Aon’s 2021 Retail Industry Overview” | Sponsored by Aon
“RIMScast: A Legacy of Resilience” | Sponsored by J.B. Boda Group
“The Golden Era of Insurance” | Sponsored by The Hartford
“Insurance Investigation Trends Happening Now” | Sponsored by Travelers
“What Could a CRO Do for Your Business?” | Sponsored by Riskonnect
“Hard Reality: A Look at Rising Rates in Property & Excess Casualty” | Sponsored by AXA XL
“Property Valuation Deep Dive” | Sponsored by TÜV SÜD
“Property Loss Control Engineering” | Sponsored by Prudent Insurance Brokers
RIMS Publications, Content, and Links:
RIMS Membership — Whether you are a new member or need to transition, be a part of the global risk management community!
Upcoming RIMS — Virtual Workshops
RIMS Advisory Services — Ask a Peer
RIMS-Certified Risk Management Professional (RIMS-CRMP)
RIMS-CRMP Stories — New interview featuring Merline Barrington of the Port Authority of NY & NJ!
Spencer Educational Foundation
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Tweetables (For Social Media Use):
“I think one of the things that risk managers struggled with for a while now … is really trying to lock down: How do we understand what is a reasonable amount of risk to accept? When it is so hard to quantify.” — Josephine Wolff
“I think another [cybersecurity issue] that we’re going to see [that’s] somewhat linked to the ransomware trend … is this question of state-sponsored cyberattacks.” — Josephine Wolff
“I do think there’s value in thinking through, in more detail, what a federal backstop for cyber attacks would look like. That’s something insurers have been asking for, for a while.” — Josephine Wolff
“The cyber insurance policies you can buy today look very different from the ones that you could buy 10‒15, 20 years ago. Part of how that fits in data privacy is understanding how breaches of personal information really drive this market from the beginning.” — Josephine Wolff