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Legality, Frequency, Severity... Why You Should Manage Cyber Risk Now

Last week, we presented 8 best practices for managing cyber risk. Now we're going to explain why it's so crucial to implement these strategies today. As technologies advance, risk teams are in a constant battle to protect their organizations against new threats. The most recent trend to gain attention is cyber risk. In a 2018 survey conducted by Risk.net, areas of cyber risk ranked #1 and #2 on a list of top ten operational risks.

Topics: cyber risks data privacy how to manage cyber risk

8 Best Practices for Managing Cyber Risk

There are three primary reasons all risk professionals should actively manage cyber risk: to comply with regulations, its frequency, and its severity. But what can be done about this problem? In a study by Accenture Insurance, only 43% of executives believed that their organization’s cyber defence was fully functional. Cyber risk is a difficult threat to manage as technology is constantly changing and there isn’t one clear cut solution. This list of strategies can be used individually or in tandem to reduce any organization’s cyber risk.

Topics: cyber risks data privacy how to manage cyber risk

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