Steps to Take to Evaluate Cyber Risk: Part 4 – Improve Security and Risk Strategy
Business owners, outside hackers aren’t the only threat that you face. Data breaches often happen because of employees or vendors making mistakes. (Photo: iStock)
Property Casualty 360 takes us on a six step list on where you can follow to evaluate cyber risk and better prepare your organization. Here is step four.
4. Improve security and your overall risk strategy
As most organizations come to realize, insurance is just one part of the overall risk strategy.
With a correct evaluation of the uninsured risks and finances exposed , informed decision-makers can decide which risks are maintained, which risks are dropped through additional insurance or where risks are addressed through investing in Information Technology (IT) department, hiring and training new employees.
When it comes to investing in your IT department, one cost-effective method to consider is focusing your efforts on securing your most valuable data, as opposed to multiple layers of defensive controls spread out around all the organizational data.
Even if you could anticipate all the ways intruders might access through your network, about half of all data breaches come from an employee or vendor error. You can spend all the money in the world to build the strongest defense walls, but that won’t save you from an error, accident or a fraudulent act by a trusted employee inside.
Source: MATT HANSON, DREW OLSON
Related: Step 1 Assess IT Security , Step 2 Quantify Risk, Step 3 Existing Insurance Policies