Cyber-risks are increasingly prevalent in modern businesses.
Today, risk managers are turning their attention to finding solutions to manage their cyber risks and protect their companies’ data. Recent cyber attacks and privacy breaches have highlighted the importance of robust solutions and the devastating consequences that arise from being unprepared. A survey from risk management consultants Towers Watson has shown just how risk managers are approaching their cyber risks.
The Risk and Finance Manager Survey examined how American companies are approaching their cyber risk management and the solutions they employ. Many used outside resources and tools to address their exposure – this included purchasing specialized insurance.
There was an 11% rise in the number of those who purchased network security/privacy liability policies, however 31% of respondents to the survey said they felt their internal IT department had a system in place that they saw as adequate and for this reason they chose not to purchase insurance.
A comprehensive risk management strategy to protect against cyber risks will contain many elements. The strength of one doesn’t negate the need for another, but focusing on some may reduce the need to rely on backups and safety nets.
Taking those companies without insurance for example, they have faith in their IT solutions to protect their data. However stronger technical solutions could reduce dependence on insurance policies – although it might be over-confident to go without insurance all together.
A holistic approach to cyber-risk management can be seen to be one that favors prevention by implementing technical solutions. Reliable and consistent resources that ensure data is stored and protected at all times is the safe way to go.
What’s more is that cyber-risk management shouldn't be an afterthought; scrambling to go back and backup, encrypt and archive data retrospectively. Effectively managing cyber-risk is best done in real time, leaving nothing to chance and reducing exposure by securing data on the go, as it is created.
A reliable technical solution can ensure exposure to cyber risks is minimized, and the risk management process as a whole becomes easier. As the Risk and Finance Manager Survey found, risk managers are being forced to reconsider how their company data is protected as awareness of cyber-risks increases. Risk management is most effective when it is a consistent, on-going process and this should be mirrored in the solutions that you put into place.
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