Seumas Kerr CBE and Ed Butler CBE DSO, Chief Resilience Officer at Pool Re, discuss 'Managing the Terrorism Risk to the UK Economy’. Ed's key points of this fascinating talk can be summarised as:
- Terrorists will continue to use tactics, techniques and procedures that exploit gaps and weaknesses in our state and corporate security architecture as well as divisions in our communities. They will continue to move up the technology curve, and they will succeed until there is an antidote;
- We need to be threat actor and peril agnostic in devising security, risk management and resilience plans. In particular, we need to increase the resilience of our supply chains;
- Ask the question about what risks are already known but perhaps underplayed, as opposed to those risks unknown;
- What is clear is that there has been a paradigm shift in risk management and the notion of extreme risk, as a result of CV-19. The question to now ask is whether a company’s insurance policy is appropriate to cover the full spectrum of risks? It is probably worth reviewing your current insurance programme and confirming that the correct assumptions have been made with respect to the threat, the vulnerability assessment, the security plan and mitigation measures as well as truly understanding the appetite of the Business and/or Board to accept or transfer that risk through insurance cover.
