On the evening of 29 October 1969, the first bits of data were transmitted between the University of California and Stanford University. The so-called Arpanet – an important precursor of the internet – formed the basis for the now interconnected networks, allowing remote computers to communicate with each other for the first time ever. However, the start was bumpy: the first message sent on the internet on October 29, 1969, were only the letters “LO”. This first “high-speed” connection in history could not cope with the data volume of the word “LOGIN” and the network crashed right after the first two letters. 52 years after “LO” was sent as the first “email”, our world has changed significantly: With around 5.5 billion active internet users (https://www.hootsuite.com/resources/digital-trends) that generated 79 zettabytes of data in the year 2021 alone, 14.4 billion active Internet of Things connections (IoT analytics), and around 6.500 operating satellites in the orbit (ESA as of August 2022) the whole world is interconnected.
Since our foundation in 1880 Munich Re always supported technological progress and enabled humankind to step up – on earth, in space and in the digital cyberspace. And we will not stop to do so in future. Securing the successful digitalization of our economies is hereby one of our top priorities since an estimated 70% of new value created over the next decade will be based on digitally enabled platform business models (WEC, Sept. 2022).
The sustainability of the cyber insurance market will also depend on the insurance industry properly explaining the importance of resiliency measures as well as standardized minimum requirements within a transparent risk assessment and data-driven underwriting approach.
Acknowledging that all digital business operations depend on more than a two-letters-e-mail today, the insights from this year´s Cybersecurity Month on how to improve resilience and preparedness are a key-prerequisite to reach further milestones like the ones in 1969.
So let´s join forces and enhance our cybersecurity – even beyond this year’s Cybersecurity Month!