Business Insurance · Cyber Liability Insurance · Insurance · Technology · Uncategorized

Cyber Risk Management: A Team Effort

The access to information, streamlining of processes and ease of communication brought by the digital revolution have forever changed the way we do business. However, this never-ending stream of new technology has also brought with it a new set of security risks. Cyber risk affects businesses and their clients, and the results can be devastating. In order to effectively manage your company’s risk, you will need to approach it as a team.

Not Just an IT Problem

It may be easy to simply refer the issue to the IT department and forget it, but it is important that there is engagement from various stakeholders in order for the cyber risk management effort to be a success. Key people to include are:

  • CEO
  • Department managers
  • IT department
  • Reputable insurance service company
  • All individuals with regular access to the internal network and/or sensitive material

The CEO and department managers should work together with the IT department and the cyber risk insurance services company to create a strategy that fits the individual needs of the company. This strategy and any new protocols should be directly communicated with all affected staff members to ensure cohesion, understanding and successful implementation of the risk management plan. Without a team effort, the plan is likely to fall flat, and your company may still be vulnerable to cyber attacks.