A Narrow View of Cyber Risks Can Leave You Overexposed
Setnor Byer Insurance & Risk
Insurance, Commercial Insurance, Computer Networks
Recent, high-profile incidents show that every business is at risk of suffering a data security breach, regardless of size, resources or sophistication. To combat the risk, many organizations are taking steps to identify and secure organizational vulnerabilities, such as wireless networks,laptop computers, and even the office copy machine. However, a report by Zurich Insurance and the Atlantic Council suggests organizations must look beyond their own operations to truly recognize their exposure to cyber risks.
Businesses are increasingly using the internet and information technology functions to expand their operations and create opportunities. They are also increasing their exposure to external cyber risks that are often beyond their control. This is why businesses need to expand their horizon when evaluating and managing cyber risks. According to the report, businesses must consider these seven aggregations of cyber risk to fully understand their exposure.
Internal IT Enterprise: Risks associated with an organization’s internal IT (hardware, software, servers, processes).
Counterparties and Partners: Risks from dependence on or interconnection with outside organizations.
Outsource and Contract: Risks from contractual relationships with third-parties (IT and cloud providers, legal, accounting).
Supply Chain: Risks to supply chains in the IT sector and cyber risks to traditional supply chains and logistics.
Disruptive Technologies: Risks caused by unseen effects from, or disruptions to new technologies (smart grids, embedded medical devices, driverless cars), or existing but poorly understood technologies (internet, networks).
Upstream Infrastructure: Risks from disruptions to infrastructure relied on by economies and societies (electricity, telecommunications, financial systems).
External Shocks: Risks from incidents outside the system (international conflicts, acts of terrorism, malware pandemic).
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