Wednesday, September 23, 2020
Home Lead Story 3 Out of 4 CEOs to be Personally Liable for Hacking Events...

3 Out of 4 CEOs to be Personally Liable for Hacking Events by 2024: Report

As cyber incidents increase globally, three out of four CEOs will be personally liable for hacking events by 2024

As cyber incidents increase globally, three out of four CEOs will be personally liable for hacking events by 2024 as they will not be able to plead ignorance or retreat behind insurance policies, a Gartner report said on Tuesday.

Due to the nature of cyber-physical systems (CPSs), incidents can quickly lead to physical harm to people, destruction of property or environmental disasters.

Gartner predicted that incidents will rapidly increase in the coming years due to a lack of security focus and spending currently aligning to these assets.

Follow NewsGram on LinkedIn to know what’s happening around the world.

“Regulators and governments will react promptly to an increase in serious incidents resulting from failure to secure CPSs, drastically increasing rules and regulations governing them,”

said Katell Thielemann, research vice president at Gartner.

In the US, the FBI, NSA and Cybersecurity and Infrastructure Security Agency (CISA) have already increased the frequency and details provided around threats to critical infrastructure-related systems, most of which are owned by private industry.

75% CEOs will be personally liable for hackings by 2024: Report
The financial impact of CPS attacks resulting in fatal casualties will reach over $50 billion by 2023. Unsplash

“Soon, CEOs won’t be able to plead ignorance or retreat behind insurance policies,” Thielemann said.

Gartner defines CPSs as systems that are engineered to orchestrate sensing, computation, control, networking and analytics to interact with the physical world (including humans).

Also Read: Asthma Patients Not At Risk From Covid-19

The financial impact of CPS attacks resulting in fatal casualties will reach over $50 billion by 2023.

Even without taking the actual value of a human life into the equation, the costs for organisations in terms of compensation, litigation, insurance, regulatory fines and reputation loss will be significant, Gartner said.

“Technology leaders need to help CEOs understand the risks that CPSs represent and the need to dedicate focus and budget to securing them. The more connected CPSs are, the higher the likelihood of an incident occurring,” Thielemann said. (IANS)

STAY CONNECTED

19,144FansLike
362FollowersFollow
1,774FollowersFollow

Most Popular

From “Confusion” To “Clarity” Regarding Sanatan Dharma With Dr. Chandra Shekhar Mayanil

Dr. Chandra Shekhar Mayanil is a Neuroscientist who is currently living in Naperville, Illinois. He has constantly been engaging in topics related to Yog...

Top 5 Beach Activities in Asia

Blessed with some of the most beautiful beaches in the world, Asia has something for everyone. From idyllic white-sand beaches fringed by palm trees...

Here’s Why You Should Switch to Contact Lenses, and It’s Not Just About Looks

Traditionally, we use eyeglasses for correcting vision problems such as near-sightedness (myopia) and far-sightedness (hyperopia). Glasses are both affordable and convenient to wear for...

This Indian Couple Run Street-Side Classes For Poor And Needy Children

On a quiet road in India's capital, tucked away on a wide, red-bricked sidewalk, children set adrift by the country's COVID-19 lockdown are being...

Lockdown Taught Me Greatest Lessons of Life: Mouni Roy

Actress Mouni Roy, who will soon be seen in the digital film, London Confidential, opposite Purab Kohli, says that lockdown taught her some of...

“It is Important To Support Folk Artists and Daily Workers in Trying Times”, Says Popular Singer Shaan

Popular playback singer Shaan says that folk artists and daily workers are keeping the music heritage and industry intact, and it's crucial for the...

Here’s How The Art of “Writing” Became an Empowerment Tool For These Female Authors

By Siddhi Jain Being a female author can come with its own set of challenges, especially when one is trying to juggle a career in...

Self-Driving Cars To Navigate Rush Hour Traffic On This Planet: NASA

A laser-based technology designed to help spacecraft land on a proverbial dime for missions to the Moon and Mars is also helping self-driving cars...

Recent Comments