The 10 Fundamentals of a Sound Risk Management Program

More than 80% of companies don’t manage risk effectively. Is yours one of them? A 2014 survey by a non-profit business research firm found that fewer than 20 percent of executives say their companies effectively manage risk. Companies will often have a process in place to identify and monitor risks. But they fall short when it comes to actually implementing practices to manage those risks as part of the overall strategic plan.

The ALS Group March 1, 2017

A close-up of a server rack with multiple blue network cables connected highlights the importance of cyber risk management.

How to Respond to a Cyber Attack: 7 Crucial Steps

In 2015 The Internet Crime Complaint Center received 288,012 complaints of cyber attacks totaling more than $1.07 billion in reported losses. Those numbers are based only on incidents that were reported to the FBI. When we talk about cyber risk, data theft, and the threat of Ransomware, we usually focus on prevention strategies. But being prepared to respond quickly and efficiently when an event does occur is just as important to operations recovery, cost reduction, and reputation management.

The ALS Group February 28, 2017

Cubes with letters arranged to form the words "IDENTIFY" horizontally and "RISK" vertically, perfect for illustrating risk assessment concepts.

ERM | Risk Assessment Phase One: Risk Identification

Risk Identification is the first of three phases that make up a Risk Assessment.

The ALS Group February 10, 2017

Four Ways to Protect Your Employees’ W-2 Information from Cyber Thieves

Most companies today opt to distribute their employees’ W-2 tax forms electronically; either through email or some type of download service. Because these forms contain a good deal of Personally Identifiable Information (“PII”), such as name, address, social security number and salary information – cyber thieves are using several simple, yet, tried-and-true methods to fraudulently obtain them.

The ALS Group February 7, 2017

Puzzle pieces forming the word "ERM," standing upright against a background symbolize ERM solutions in Florida.

ERM | Risk Appetite and Risk Tolerance: The Path to Informed Decision Making

In our previous posts in this series, we introduced Enterprise Risk Management (ERM) as a “portfolio view” of risk and discussed various aspects of implementing ERM: roles, culture, a framework and preparing your organization. Now, we’ll begin looking at the “big picture” viewpoint of risk, starting with identifying and prioritizing risks. In the ERM process, management (1) determines acceptable levels of risk, (2) identifies and measures risks throughout the entire organization and aggregates the results, and (3) determines if the aggregated results exceed the acceptable levels. Risk Appetite and Risk Tolerance are the expressions of the “acceptable levels” of risk.

The ALS Group February 1, 2017

A person in a white shirt uses a magnifying glass to read a document on cyber liability insurance at a desk, with a pair of glasses placed nearby.

Reviewing Cyber Breach Insurance Coverage | First-Party Costs

Organizations today must regard cyber breaches not as a possibility, but as an inevitable fact of life. In this environment, it’s crucial to have a cyber liability insurance policy that adequately covers the potential loss and offers payment or reimbursement for response costs. Understanding what’s covered by the policy well before a breach occurs and building that knowledge into your company’s incident response plan is critical.

The ALS Group January 31, 2017

2017’s Latest Cyber Security Threat: The Ransomware Bluff

2016 was a big year for ransomware. It saw a massive increase in ransomware events and payouts to criminals, which, most experts say, only exacerbates the issue. A 2015 report by the Herjavec Group (an Information Security company) noted that the total cost of ransomware reached $1 billion in 2016. With new “strains” of ransomware spreading worldwide (such as the Russian “spora”), we should all be on high alert for this business-impacting cyber threat.

The ALS Group January 24, 2017

Taking a Closer Look At Enterprise Risk Management

Implementing ERM | Preparing Your Organization

The ALS Group January 20, 2017

A magnifying glass highlights the words "NOT COVERED" on a document, emphasizing the exclusions listed in your cyber insurance policy.

Gaps and Exclusions | How Will Your Cyber Policy Respond?

When the front lines of IT security fail and a cyber breach occurs, businesses often rely on insurance to reduce the often extreme financial impact associated with the breach. Policies are usually written to ensure that the insured recovers extra expenses incurred and are covered for fines and penalties placed on the company by regulatory agencies.

The ALS Group January 18, 2017

Are you Covered? | Cyber Attacks May Cause Property Damage

Traditionally, a cyber breach occurs and otherwise private information is stolen or made public resulting in costs such as notification expenses, IT forensics, data recovery, public relations/crisis management, legal defense, business interruption, brand/reputation damage and regulatory fines and penalties; just to name a few. However, the breadth of cyber-attacks has proven to be ever expanding. Now, breaches resulting in physical property damage are being reported more regularly which leads to the immediate question, “am I covered for such an event?

The ALS Group January 10, 2017

Our areas of expertise include:

Enterprise Risk Management (ERM)
Cyber Security & Cyber Liability Insurance
Construction Management
Customized Risk Management Assessments (RMAs)

The ALS Group Risk Management Articles

The 10 Fundamentals of a Sound Risk Management Program

How to Respond to a Cyber Attack: 7 Crucial Steps

ERM | Risk Assessment Phase One: Risk Identification

Four Ways to Protect Your Employees’ W-2 Information from Cyber Thieves

ERM | Risk Appetite and Risk Tolerance: The Path to Informed Decision Making

Reviewing Cyber Breach Insurance Coverage | First-Party Costs

2017’s Latest Cyber Security Threat: The Ransomware Bluff

Implementing ERM | Preparing Your Organization

Gaps and Exclusions | How Will Your Cyber Policy Respond?

Are you Covered? | Cyber Attacks May Cause Property Damage

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