Many do not realize this, but Donald Trump largely won the election because of cyber security failings by the current administration. Don’t believe me? Cyber security losses are a huge factor in inflation and have caused a massive economic problem, which has decimated healthcare and cost billions to government agencies, all while financing Hamas and the war in Ukraine.
These macroscopic problems may not seem to be linked to cyber security losses, but they are. While politicians like to pretend it is a minor, specialized issue, the fact is that cyber losses are now decimating business and hurting the monetary supply. They are a huge factor in why American businesses are failing and why it is harder than ever to compete. The pain that Americans feel at the gas pump, when they get their pay check, pay for insurance and the problems in the world are not 100% caused by poor management of cyber risks, but that is part of it.
The biggest problem, as I have stated before, is that we simply cannot improve things until the insurance sector cleans up its act. The moral crisis we now are seeing is caused primarily by the insurance sector, which has made the decision that it is fine to lose money on cyber security and it’s fine to raise rates. They’ve created a monster, and that monster can’t be kept at bay until regulators wise up and recognize that insurance must be held accountable for the disgusting and despicable conduct of cyber security underwriters.
There is nothing inevitable about cyber security loss. It’s not inherently high risk at all. However, this myth has been perpetuated by simply not listening to experts in the field.
Will Trump and the Republican administrations? I am not all that hopeful, but we must continue to try, because if we don’t, we are in for a 2008 style disaster!
Above all else, it’s vital that the idea of a “Government Backstop” be stopped from being given to cyber insurance. That will assure that we will continue to lose massive amounts of wealth to this problem. Future administrations should take note: dropping the ball on this vital issue will mean they will be out too, because inflation and loss of economic opportunity are not tolerated by voters, even if they may not understand the root causes.