Cyber Security: Using Insurance to Motivate Technology

The public and private sectors are equally struggling with cyber security issues. Despite the development of innovative problem-solving technologies and systems, many small, medium, and large companies are still at great risk of a cyber attack. In this episode of In-House Legal, Randy Milch interviews Peter Beshar, executive vice president and general counsel of Marsh & McLennan, about his path to becoming general counsel and how businesses should approach the issue of cyber security. Beshar discusses cyber security risks and how they affect the private and public sectors. He explains Enterprise Risk Management (ERM): technological innovations coupled with cyber insurance which drives and modifies people’s behavior. Additionally, he says, the government should interact with private businesses to share cyber threat indicators and provide widespread information about preventing cyber attacks.