As insurance executives, you understand the importance of protecting your clients' assets. But have you considered the growing threat of cybercrime? The American non-profit foundation National Cybersecurity Alliance (NCA) promotes awareness of cybersecurity, and its core activities include ‘Cybersecurity Awareness Month’ in October. We spoke with John Madelin, one of the world’s most recognized cybersecurity experts, to gain insight into the collaboration between government, business, and science in England and Switzerland for sustainable protection against cybercrime.

Madelin has over 25 years of experience in designing, building, and managing cybersecurity. He has led security teams that have identified, analyzed, and mitigated security risks around the world. After six years at Cognizant, Madelin is now working as a consultant for the UK government.

Madelin has dual citizenship of the UK and Switzerland, and he explains that his mother comes from Bern. He settled in the UK for practical reasons and met his wife, Sue, who’s friends and family are based around Maidenhead in the UK. However, his heart is still in Switzerland, and he travels back to Bern whenever he can.

When asked about the collaboration of government, business, and science between England and Switzerland in terms of sustainable protection against cybercrime, Madelin explains that the UK’s approach is often more proactive and structured around the idea of national security. Cybercrime is seen as a strategic threat, and there is an active effort to deter and punish attackers through international partnerships and domestic law enforcement.

On the other hand, Switzerland’s approach to cyber defense is often more defensive and privacy-focused, reflecting the country’s emphasis on data protection. Switzerland is also seen as a hub for diplomatic discussions on cybersecurity, hosting international dialogues on cyber norms and standards.

To pursue their slightly different approaches, the UK government has created a centralized framework for cybersecurity, with the National Cyber Security Centre (NCSC) acting as a primary national authority, supporting both public and private sectors. The UK also emphasizes public-private partnerships in combating cybercrime, with the NCSC coordinating directly with private companies.

In contrast, Swiss cybersecurity is primarily regulated by the Federal Office for National Economic Supply (FONES) and the National Cybersecurity Centre (NCSC), Swiss counterpart. The Swiss have a decentralized approach, partly due to the federal structure, with each canton having a degree of autonomy.

As insurance executives, it’s crucial to understand the nuances of these approaches to cybersecurity. The UK’s mandatory reporting laws for critical infrastructure companies and public-private partnerships can serve as a model for collaboration between government and private sectors. However, Switzerland’s emphasis on data protection and privacy can also provide valuable insights into protecting clients' assets.

In conclusion, the collaboration between government, business, and science is essential for sustainable protection against cybercrime. With Riskwolf, you can turn real-time data into insurance. Using unique real-time data and dynamic risk modeling, we enable insurers to build and operate parametric insurance at scale. Simple. Reliable. Fast. Contact us today to develop parametric insurance for your clients' assets.

Source: The Broker