ASIA ready for surprises ,” says Quigley candidly . “ We haven ’ t experienced all the different loss events that could happen yet .”
With these risks and uncertainties taken into account , it isn ’ t all doom and gloom . In a consumer-centric market , IoT has the opportunity to generate a unique customer experience and , with the right risk management strategy , firms can sidestep the common pitfalls . Marsh , and indeed its survey respondents , believe that the secret to tackling cybersecurity could lie in both acting pre-emptively as well as reactively . “ When asked whether risks should be treated with risk insurance and risk transfer afterwards or whether they should be treated with risk assessment and risk prevention at the beginning , a large majority of our clients agree that for over 75 % of the risks the focus should be on upfront assessment and prevention ,” highlights Quigley .
Chao echoes this , highlighting how any problem which occurs could tarnish a firm ’ s brand integrity . “ Once a harmful cyber event happens , it can destroy the company ’ s entire operation if they don ’ t have a contingency plan in place ,” he says . “ Risk assessment
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