Businesses are Subject to Cyber Risks – Fairfax, VA

April 17, 2014      

If you are in business you know that risks to that business can come from any direction and in many forms. Most businesses are used to worrying about traditional liability: fires, theft, injury and flood. Most businesses have the business insurance to cover these types of liabilities. However, what about newer challenges?

While in many respects technology has made doing business easier, it has also opened up new threats.  Current cyber risk management does not give much consideration to the amount of cyber risks that can come from outside your business walls.

Governments and “forward-looking” organizations must take a holistic view of cyber risk. While the internet has proved to be “incredibly resilient,” the internet of the future may not be as resilient and robust as today.

Cyber landscapes can change very quickly. It is advised that you look outside your own organizations for cyber risks that need to be addressed.

Here are some recommended steps for organizations to take in order to be more resilient to cyber shocks:

• Developing plans within organizations that have system-wide responsibility that ensure the stability of the system as a whole, rather than risks to an individual organization;
• Investing in trained teams ready to respond with defined procedures; and
• Conducting simulations of the most likely and most dangerous cyber risks to better prepare.

The report — “Beyond Data Breaches: Global Interconnections of Cyber Risk” — was released this week, it was the result of a yearlong study.

businessinsurance.com

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