Cyber risk and, particularly, the risk from ransomware appears on everyone’s top risks list these days, including ours. The threat from a ransomware attack has rapidly increased over the past nine months, as many organizations continue to “work from home” which can come with more relaxed cybersecurity practices. As we go further into 2021, cybercriminals will continue to become more sophisticated, forcing these organizations to waste resources reacting to a ransomware attack.
In the last 10 months so many employers have adapted to a remote workforce. Here at The ALS Group we are no different. We have highlighted a few ways we have remained connected as a team through this pandemic, and how we have driven productivity with the help of our employees!
As most of the workforce continues to work remotely, the “data breach” exposures of yesteryear are still around. I doubt that any of your employees have been issued one of these as part of their “remote work setup”, but as people are settling in to a “new normal” in working from home, printing and reading documents is still prevalent. Only now, the security of that “paper” is often overlooked and can be simply discarded into the kitchen trash which is moved to the curb on garbage pickup days.
In these challenging economic times, having a lower TCoR can not only give a company a competitive edge, but also improve its bottom line by affording it the ability to pursue opportunities their peers may not be able to.
The idea for this blog was conceived by Marshall Ma, who joined The ALS Group as a Risk Management Intern and now provides support on client accounts as Technical Analyst, based on the Chinese ideogram for “crisis”. It just happens that Marshall is fluent in Mandarin and is passionate about risk management. She is an Enterprise Risk Management Graduate and Lecturer at Columbia University. While at Columbia, Marshall spent a lot of time working on campus educating her peers and supporting industry outreach. She also participated in risk assessment and mitigation for the campus’ internal Career Design Lab.
Topics: Enterprise Risk Management (ERM), Human Capital Risk, Risk management, Risk Management Blog, Total Cost of Risk (TCoR), what is total cost of risk, what is erm, what is risk management, risk management internship
As companies think about their supply chain and the risks that are inherent with that area, a good place to start is with your contract terms with the supplier – what are the terms you want? What are the terms you have agreed to?
With the unsettling state of affairs of the world today, a manufacturer or distributor has to be properly vetted and the terms of supply carefully considered. What is an acceptable delay or non-delivery?
Most CEOs or CFOs are probably not Cyber Security experts, but are entrusted to ensure the company runs efficiently and profitably. In today’s business IOT world, having a safe and secure network is a large part of keeping the business operational. This includes ensuring that all cyber related risks are minimized as much as the budget will allow. Cyber related issues that threaten the company’s income are scary for sure, but perhaps the most frightening aspect of keeping your network and data secure are the “unknowns” of IT.
As we are “flattening the curve” and the economy is slowly opening, employees will start to transition back to the office after nearly four (4) months of working from home. The COVID-19 pandemic forced many organizations to close and, those that did not have a disaster recovery/business continuity plan in place had to scramble to come up with a “work from home” solution in order to keep their business running while keeping their employees safe and healthy. Such “on the fly” solutions can cause serious complications as employees return to the office, and company leadership realizes that they must adjust their risk strategies to suit the “new normal”.
The 2020 Atlantic hurricane season is expected to run from June 1st to November 30th. Department of Atmospheric Science at Colorado State University predicted that the East Coast of the United States is likely to see a major hurricane, ranking at a category 3, 4, or 5, during the 2020 Atlantic hurricane season. High category named storms bring on damages like, floods, wind damage, and power failure which may take several weeks to recover from. Though these predictions are not precise, we believe, that informed preparation is the best way to avoid costly claims, not unlike those caused by Hurricane Sandy in 2012.
COVID-19 forced many companies to close their operations, which caused a great deal of disruption for numerous businesses on both direct losses and their revenue stream.
With America trying to “re-open” there is a host of issues that need to be wrestled with. One of the areas that, we think, might be low on the list for many companies is how their supply chain has been affected and will continue to be impacted by COVID related issues. Having latent supply chain disruption can wreak havoc on a business already challenged by the shutdown. This type of risk needs to be understood, so the company can plan for alternatives.