The following risk management controls can help companies avoid cyber losses due to viruses, hackers, trojan horses, malware, denail of service, extortion, errors & ommissions in delivering tech services, intellectual property violations, etc.:
* firewalls
* encryption
* password...Read Full Story Here:
http://www.insurancefortechs.com/cyber-attack-loss-control-and-risk-management-steps.html
Showing posts with label Risk Management. Show all posts
Showing posts with label Risk Management. Show all posts
Wednesday, July 17, 2013
Cyber Attack Loss Control And Risk Management Steps
Sadler Tech Blog Ranks 14th
Sadler Tech Insurance And Risk Management Blog is ranked 14th best Nationally by Risk Management Masters, an online resource specializing in Insurance Risk Management.
We are proud to be recognized as an important source for technology insurance and risk management information and strive to...Read Full Story Here:
http://www.insurancefortechs.com/sadler-tech-blog-ranks-in-the-top-50.html
Tuesday, July 16, 2013
Changing Face Of Cyber Liability Risks
“Risk is a function of the likelihood of a given threat source’s exercising a potential vulnerability, and the resulting impact of that adverse event on the organization.”
Due to the changing nature of cyber risk, IT risk managers must upgrade risk management strategies to...Read Full Story Here:
http://www.insurancefortechs.com/changing-face-of-cyber-liability-risks.html
Recession Increases Need for Crime Insurance for Small Businesses
We came across an interesting article on the increased number of employee theft claims due to the economy and the corresponding need for Crime Insurance. Here are some of the highlights of the article.
Since the recession began two and a half years ago, crimes by employees and third parties,...Read Full Story Here:
http://www.insurancefortechs.com/recession-increases-need-for-crime-insurance-for-small-businesses.html
Types Of Cyber Risk Exposures Faced By Businesses
Percentage of companies facing the various types of Cyber risks
47% Business partners and contractors that touch customer data
52% Use of Social Media for marketing and communications
36% Credit Card data collection, online payment processing
34% Provide online content or...Read Full Story Here:
http://www.insurancefortechs.com/types-of-cyber-risk-exposures-faced-by-businesses.html
Cyber Attack Expense Vary By Method of Attack
Average Annual Cyber crime cost weighted by attack frequency in 2011.
Denial of Service $187,506
Web-Based Attack $141,647
Malicious Code $126,787
Malicious Insiders $105,353
Pfishing And...Read Full Story Here:
http://www.insurancefortechs.com/cyber-attack-expense-vary-by-method-of-attack.html
Most Common Reasons Why Cyber Risk Management Controls Are Not Implemented
IT Professionals cite the following difficulties:
40% Lack of monitoring and enforcement of end users
38% Complexity of compliance and regulatory requirements
37% Lack of skilled or expert personnel
36% Lack of leadership
20% Insufficient resources for budget
19% Lack of...Read Full Story Here:
http://www.insurancefortechs.com/most-common-reasons-why-cyber-risk-management-controls-are-not-implemented.html
Data Protection Strategies Survey on Cyber Security
How Companies Deal with Cyber Risks
30% Have informal strategy
26% Have a formal strategy, but not implemented across entire enterprise
25% Do not have a strategy
19% Have formal strategy implemented across entire enterprise
Cyber Liability underwriters will typically not accept...Read Full Story Here:
http://www.insurancefortechs.com/data-protection-strategies-survey-on-cyber-security.html
Severity Of Data Breaches
Average organizational cost of data breach involving personal data
Year Cost
2005 $ 4,541,429
2006 ...Read Full Story Here:
http://www.insurancefortechs.com/severity-of-data-breaches.html
Frequency Of Data Breaches
Reported number of data breach involving personal data
Year Number of Breaches
2005 136
2006 ...Read Full Story Here:
http://www.insurancefortechs.com/frequency-of-data-breaches.html
Monday, July 15, 2013
Cyber Risk: Limits Most Commonly Purchased
Total coverage limits of stand-alone cyber risk purchased
15% Less than $ 5,000,000
48% $ 5,000,000 to $10,000,000
19% $ 10,000,000 to...Read Full Story Here:
http://www.insurancefortechs.com/cyber-risk-limits-most-commonly-purchased.html
Percentage of Business That Purchase Cyber Liability
Do you purchase stand-alone cyber risk insurance?
25% Yes
71% ...Read Full Story Here:
http://www.insurancefortechs.com/percentage-of-business-that-purchase-cyber-liability.html
Pictograph Illustrates Cyber Risk
We came across an excellent pictograph that illustrates the risks involved in not protecting company information. Company reputation, customer satisfaction, and business opportunities are just a few examples of what is at risk due to cyber threats from failing to protect private data. Here is a...Read Full Story Here:
http://www.insurancefortechs.com/pictograph-illustrates-cyber-risk.html
Data Breaches Costs Per Record
Average cost per compromised record
Year Cost
2005 $ 138
2006 $ 182
2007 $ 197...Read Full Story Here:
http://www.insurancefortechs.com/data-breaches-costs-per-record.html
Reasons Cited For Not Purchasing Cyber Risk Insurance
Percentage of Businesses Citing Specific Reason
43% Company self insures exposures
18% Believe cyber risk covered under General Liability
17% IT department does not think coverage is needed
16% Coverage too expensive
6% Broker advised that risk of claim is low for the...Read Full Story Here:
http://www.insurancefortechs.com/reasons-cited-for-not-purchasing-cyber-risk-insurance.html
Subscribe to:
Posts (Atom)