Given the widespread awareness of Cyber Risk and the increasing trend for companies to consider insurance around this exposure, a company’s preparedness for a Cyber risk related event should be a part of their risk management plan. Unfortunately, for most organizations, this part of the plan has not been matured. That’s a mistake…
For the last several years Allianz has published a concise and informative report on the top risks that businesses face globally. It is a great opportunity to think about how these risks could affect your business operations and what the impact would be. When thinking about risk, it is important to think about "materiality" and what "financial impact" would be material for your company to cause a disruption. Even through many of the risks on this year’s report are readily insurable, the "disruption factor" of having to manage through a loss is worth considering.
When most businesses think cyber crime, they imagine brute force threats from foreign agents or highly advanced hacker teams. Executives tend to think that external forces well beyond their control make up the vast majority of security loopholes.
What does the new order do?
On May 11th 2017, President Trump issued the new, signed cybersecurity executive order that demands each federal agency and department head will be held accountable for cybersecurity risk to their enterprises; an initiative to better protect the federal government's critical data and systems. It outlines the cyber-risk reporting requirements that they must adhere to and names the framework that they'll use as the standard.
The cyber security world evolves at a breakneck pace. For those not following closely, new developments can be unexpected and downright scary.
The healthcare sector is without a doubt one of the most targeted industries for cyber hackers. Different industries have different types and degrees of cyber risk exposure. But hackers and malicious campaigns take aim at the healthcare sector in particular due to the private nature and black market value of the data.
Identity theft is the fastest growing crime in the United States. Each year, more than 15 million Americans fall victim. It’s also the number one consumer complaint received by the Federal Trade Commission.
Ransomware strikes. Your critical data files have been encrypted and your business grinds to a halt. Do you:
a) spend countless hours rebuilding from backups (if you were diligent enough to ensure they'll work) or
b) pay the perpetrator to unlock your files?
Now that ransomware is spreading like wildfire through malicious emails, "malvertising" campaigns, and exploit kits, many firms and individuals face this exact scenario.
Globalization and dependence on the internet for data storage over the past decade has exposed companies to a whole new set of risks. As this trend continues, so too does the risk associated with breaches of domestic or international servers. Massive data breaches happen with alarming frequency. In the past few years, there have been several high profile attacks
This is an actual picture I took in a café of an unattended pile of documents marked “Confidential.” It blew my mind. If only this employee’s C.E.O. or C.O.O. could see this obvious disregard for the material’s confidentiality. Anyone could have grabbed the documents, peaked at the data, or… snapped a photo.