Online threats can morph with such alarming speed that most cyber security companies are finding it increasingly difficult to stay ahead of the curve. Just ask Jim Fasone, whose role at Cyemptive Technologies is defined by an acute awareness of those risks and a relentless drive to mitigate them.
“Our security solutions are uniquely different and will be very important for the cyber insurance industry,” said the chief risk officer.
And the need for this tech is all too real. According to a recent report on Astra Security there are approximately 4,000 cyberattacks every single day – happening on average once every 14 seconds. For Fasone, his approach is all about taking into consideration the high risk associated with increasingly complex cyberattacks and bringing this knowledge to the boardroom.
“The recent incidents with Caesars, MGM and Clorox, among others, underscore the imperative for organizations to not only disclose incidents but also develop more robust strategies for risk management,” he told Insurance Business.
Recent hacks highlight the stark reality that the threat landscape is evolving at an unprecedented rate, and regulatory bodies like the SEC are tightening the noose with mandates such as mandatory reporting of “material” cyber incidents.
“When regulators get involved, businesses have to not just comply but go above and beyond,” Fasone added. “Our mantra is to make the world a safer place. I’m especially proud that we’ll create an entire enterprise risk framework for our organization from scratch. I love being a part of that as our entire leadership team supports this foundation.”
But Fasone’s vision extends beyond the immediate purview of cyber threats. He’s passionate about setting a benchmark for a risk governance framework around cybersecurity that other companies can aspire to. The velocity of cyber risks today, he explained, requires a broad-based approach.
“You can’t have one team handling it,” Fasone argued. Instead, the responsibility for cybersecurity should be distributed across the leadership team, with each member accountable for risks within their functional area.
For Fasone, keeping abreast of these changes is not just a professional mandate but a personal one. His background as a D&O underwriter and his natural curiosity have fueled his lifelong learning.
“The challenge is that the risks are so different. Risks change continuously,” Fasone said. He draws a powerful analogy to illustrate the point: underwriting a policy for a company with dormant cyber threats is like “underwriting a building that’s on fire but you don’t know it yet.”
This environment presents an unparalleled opportunity for risk managers, according to Fasone. “This is probably the single greatest opportunity for risk managers to have a seat at the table,” he asserted - seeing this as a moment for risk managers to demonstrate their value and earn their place in guiding companies through the treacherous terrain of cyber risk.
“Risk managers that truly want a seat at that table are going to provide information to the decision makers on issues that that potentially threaten the very existence of their business,” he said.