We have read numerous warnings of cyber risk along with the need for protections and Cyber Risk Insurance. The Dogs of Cyberwar, an excellent article in Leaders Edge, discusses the most sophisticated cyber attacks and pre-loss risk mitigation efforts – called Left of Boom.
These sophisticated attacks, called Advanced Persistent Threats (APTs), are designed to extract valuable information from a company’s network over a period of time. With a simple example, the article points out the difficulty of preventing even diligent employees from making a wrong click and triggering a major cyber event.
Therefore, organizations need to be proactive – left of boom.
The phrase is derived from the work performed in the Department of Defense where “boom” is a bad event, like a roadside bomb, and “left” refers to the program management timeline leading up to the event. Left-of-boom activities contribute to preventing the event from occurring. Right-of-boom activities come after the event—the unfortunate cleanup, reconstitution and forensics activities that consume resources and highlight left-of-boom failures.
Cyber Risk insurance coverage is only one part of an overall cyber risk protection strategy. Cyber Risk Insurance provides protection from the risks associated with the use of technology, including data breaches, and is inexpensive. As a wholesale broker, we provide Cyber Risk insurance and cyber risk expertise to all types of organizations through retail insurance agents and brokers.