Enough Is Enough!
The more we hear about cyber risk, the more people are inclined to cover their ears and say “Enough is Enough!” The problem is, simply being fed up with cyber risk isn’t enough. You need to take action.
Today’s technological landscape is evolving at an exponential pace. At the same time, the risk to businesses from malicious cyber-attacks is running in lockstep, if not faster.
I recently attended the International Cyber Risk Management Conference in Toronto and the theme was “Cyber Risk is Everyone’s Business.” While we may not be directly involved in or feel we have direct exposure to Cyber Risk, the fact is, like the name says, it is “Everyone’s Business.” Every one of us is touched by cyber risk in some way, and each one of us needs to be aware of our cyber risk factors.
The current reality is that we need to make this evolving challenge a matter of due diligence in the day-to-day operational practices of our businesses. There are newly impending legislations and regulations which will affect all businesses handling, managing, possessing, touching or transferring any customer data, no matter how insignificant. A formal process which is at minimum equivalent to that of our peers must be, and should be, in place.
You would not wait to be asked by the governing authorities to file taxes, or any other legal or regulatory documents. Business owners need to be proactive and have an integrated process as it relates to this area affecting their business, should an event occur involving their company. Cyber criminals aren’t standing still, so you can’t either. Having in place some basic preparation, such as establishing the 5 Ws and How – Who, What, Why, Where, When, Why, and How, will be a great first line of defence should you become either the victim of an event or you become involved somewhere in the process.
Your reputation is the foundation of your business and your employees are your first proactive line of defense. Involve them and it will pay you back over and over – at no extra cost.
At Lawrie Insurance Group, we continue to work with clients, industry partners, and business partners to apply and maximize the tools and resources you already have in place to address your potential threat exposure. With increasing costs and new regulations, making the best use of the resources you already have in place is just good business sense.
Written By: Michael J. Molloy
To ensure you are properly covered and for other effective Cyber Risk strategies call 1-800-661-1518 or fill out the contact form below.