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Tag Archive for: Risk Assessment

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Reducing Your Cyberliability Risk

Cyberliability is a term used to describe how much damage will be done if your company experiences a data leak. Handling private data, as every modern business does, puts you at risk for having it lost or stolen which in turn could leave you facing some very costly lawsuits. Fortunately, there are some relatively easy steps you can take to reduce your cyberliability exposures.

Don’t carry vital data around with you. Mobile devices are great for efficiency. You can look over reports or check your email almost anywhere you go. The down side is that any vital data you carry on these devices becomes a cyberliability risk. It’s too easy to lose or have a smart phone, laptop, or tablet, stolen, then all that data is there for everyone to see. A great alternative is cloud storage. It allows you to access data online without ever downloading it. You log on with a password, use the data, and log off. Nothing is stored so if your device goes missing, the data doesn’t go with it.

Password protection and firewalls are great ways to protect data, but sometimes they are not enough. If a hacker gets through these, you need data encryption as a last line of defense. When you encrypt all your data, even if someone does hack into your system and steal it, they can’t use it.

Strict password policies are something most staff members hate. Coming up with new passwords every month can be irritating and difficult. If you really want to reduce your cyber liability risk this is a vital tool to use. Do not use one password for all your personal and business accounts. All it will take is for a hacker to gain access to one of those accounts, then all of your company data is in jeopardy. It may seem like a pain and it will upset your staff, but a strict password policy will save you a lot of money in the long run.

To discover other ways in which we can help you protect your organization from cyberliability risks, please give us a call.

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Cyberliability Costs Can Challenge Emerging Growth Firms

More and more focus has been put on cyberliability. Internet data breaches, denial of service attacks, and other cyber losses affect Fortune 500 companies as well as small businesses. Loss of customers, sales, costs of investigations, responding to losses, lawsuits and regulatory fines can be astounding. Ponemon Institute estimates that costs to remediate compromises caused by loss or breach can run as high as $200 per affected account. At that rate, it’s easy to imagine how costs can quickly run into the millions of dollars. Most media coverage goes to the big companies, but small companies also run the risk of cyberliability expenses. Big businesses can more easily absorb or has the means to stave off such costs. But emerging companies may be left bare.

Fortunately, there is some help from the insurance industry. In response to serious gaps left by typical liability coverage, companies continue to fine tune their insurance products for cyberliability exposures for emerging firms. Most old policies only covered physical losses such as damage to servers, laptops, or other hardware; the data itself wasn’t protected. The new cyberliablilty policies can be tailored to cover almost any loss, whether tangible or not. In this way, small businesses can protect themselves because of an error, theft, or malicious act against them.

As with any other type of insurance, coverage, rates and reimbursement policies vary from provider to provider. For more information and tips on protecting your corporation from cyberliability exposures, please give us a call and we will connect you with a TechAssure member.

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Why Change our Risk Assessment Process?

There are cases where a technology company built a risk assessment process that worked well for a few years. But then a single event came along that made their risk assessment process less valuable. It may have been an M&A, a shift in business or growth in unforeseen areas. Unfortunately, it is sometimes too late once they discover that the risk assessment process that was being used was outdated.

The dynamics that affect the risks that technology firms take are always evolving. If your organization has experienced changes, it’s not too late to adjust your risk assessment process to be dynamic.

For more information about risk assessment for technology firms, please contact a TechAssure member.

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The Role of Technology in Risk Assessments

The role of technology in your risk assessment process can make a big difference in how your organization uses data. The use of technology can make it easier to pin-point certain business units, risk challenges and analyze the resulting data.

But with anything, the use of technology is only as good as the processes your organization has in place. Using technology in the risk assessment process requires that people still validate and correctly interpret the results.

For more information about building a risk assessment using technology, please contact a TechAssure member

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How Often Should Risk Assessments Occur?

Some technology companies conduct an annual risk assessment, while others have a more frequent assessment of their organizational risks. We often get the question about the frequency that risk assessments be conducted.

Most of the time, an annual risk assessment is not enough for technology firms. The risks that these organizations face are not “static”, they are “dynamic”. Many of the emerging firms experience a great deal of organizational change in a very short period of time. In addition, our experience has been that more investors and shareholders are asking “what if” questions that relate to risk and opportunity.

A solid, and regular, risk assessment process can help your organization make decisions and become a foundation for building a dynamic risk assessment process in your organization.

For more information about risk assessment for technology firms, please contact a TechAssure member.

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What Should Your Risk Assessment Process Include?

Technology firms live in the “unknown” world. So it is not a surprise when we get responses from the technology industry that believe that the risk assessment process is something that is too focused on the unknown.

One of the most common questions we get from technology firms about risk assessment is how to adjust the process to address the unknown.

True, your risk assessment is a snapshot of your current environment. In order to adjust your risk assessment process to include the unknown, you should include monitoring activities. These monitoring activities should include a complete view of the threats and opportunities that your firm faces.

For more information about risk assessment for technology firms, please contact a TechAssure member.