Infograph Illustrates Cyber Risk

What can happen when company data isn’t adequately protected

Here’s an excellent infograph illustrating the risks involved when company information isn’t protected. Company reputation, customer satisfaction, and business opportunities are just a few examples of what is at risk from failing to protect private data. Below we offer a brief outline of the information included in the pictograph:

Cyber risk insurance

Private information includes data such as:

  • Credit card information
  • Applicant and employee’s Social Security number
  • Date of birth
  • Driver’s license number
  • Contact information
  • Health data
  • User names and passwords
  • Financial reports

People, procedures, and technology are the risk factors involved in cyber attacks

People risks include:
  • Hackers
  • Careless employee allows laptop to be stolen
  • Rogue employee
  • Employee posts sensitive data online
  • IT staff unable to manage security breach
A few proactive steps in addressing people risks consist of:
  • Purchasing cyber policies
  • Providing cyber-threat training to employees
  • Implementing background checks on staff
  • Enforcing security procedures
  • Determining password protection measures
Procedure risks involve:
  • Lack of training in security procedures
  • Vendor allowed access to customer data
  • Employee downloads a game on a company computer and contracts a virus
  • IT team unaware of state and federal regulations
Preventive measures in reducing procedure type risks are:
  • Implementing procedures on how to react to a breach
  • Monitoring of vendors who have access to customer information should be monitored
  • Train employees on importance of security
  • Ensure compliance regarding state regulations on private information
Technology type risks include:
  • Outdated spyware
  • Lack of encryption for sensitive information
  • Social media spreads information
  • Unmonitored firewall
  • Important information corrupted
Strategies to reduce technology risks include:
  • Maintaining active anti-virus software
  • Implementing encryption procedures for private information on company database, laptops, and mobile devices
  • Monitoring employee activity and website visitation
  • Maintaining Internet firewall
  • Implementing backup and recovery measures for important information

Source: Business Insurance: “What’s Really At Risk

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Categories: Breach Of Security, Cyber Liability, Risk Management, Tech Insurance

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