We manage more than a quarter billion dollars of premiums for a diverse range of clients around the globe.
With the Presidential Election only days away, the question remains: Will the election be hacked? In this case, a cyber breach can lead to two major issues. The first is stolen data of registered voters; the second issue and perhaps the more frightening one – manipulation of the election results.
Risks pose threats to a broad range of your organization’s resources, such as assets, company reputation or time. These resources are spread throughout a variety of potential risk owners. In turn, each risk owner may have access to only certain capabilities for addressing risk. For example:
An Enterprise Risk Management (ERM) process can yield a valuable communication for your organization: the Risk Appetite Statement. This statement serves an important assurance role for stakeholders in your company, and is an indicator of critical, board or executive-level oversight of risk management. It serves as a tangible product of an effective effort to assess and control risk across the enterprise. It can be referenced as the basis for any communication or disclosure your company may need to make about its risk management policy and efforts.
The massive October 21st distributed denial of service (DDoS) attack on Dyn, a prominent Domain Name Server (DNS) provider, resulted in many US websites going offline. The attack was very sophisticated and precisely targeted. While no customer data was breached in this event, it was still extremely impactful on the effected organizations. When the DNS provider went offline, more than 100 popular websites, such as Reddit, Twitter, Box, Spotify, PayPal, Squarespace and Amazon Web Services (AWS) were unavailable. While most of us could survive without Twitter – though barely – the unavailability of web hosting platforms such as AWS, Box and Squarespace most likely caused interruptions in numerous businesses.
Enterprise Risk Management (ERM) concepts can help retailers create a competitive advantage out of the business of managing risk. ERM’s “portfolio view” collects all risk and mitigation activity into a single Risk Register. This enables management to coordinate mitigation efforts across functions, rather than leaving risk to be managed in a patchwork fashion among various pockets in the organization. These are the critical areas for retail organizations where embracing an ERM approach adds value and opportunities that would likely otherwise be “missed:”
Organizations that are seeking process efficiency and an edge on their competitors look toward technology to support their business plans. Often, new technology advancements will enhance an organization’s performance but unfortunately, the introduction of new software, systems and processes open them up to (unanticipated) cyber-related risk and exposures.
Sleep-at-Night Assurance: Integrating Enterprise Risk Management and Project Management
October is National Cyber Security Awareness Month, an annual campaign to raise awareness about cyber security, with 2016 marking its 13th year. If you’ve been following our posts, then you know that we place a great deal of importance on cyber security and strategic planning to mitigate cyber risk every month of the year. However, given the special occasion, now is the perfect time to rethink and enhance your personal and company security measures.
Nine out of the 10 largest bankruptcies in the first half of 2016 were energy companies, according to investment insights publication The Turnaround Letter. Eight of those were oil and gas companies, specifically. Such widespread failures throw not just assets but whole segments of operations up for grabs. As the buyers assimilate these operations, it is no surprise that the acquisitions change the risk profiles of the new owners.
It doesn’t take a cyber risk expert to realize that the retail industry is a prime target for hackers, and that some of retail’s most iconic brands have made front-page, breaking news when it comes to millions of lost or stolen data records. Primary Cardholder Information (PCI) is extremely valuable amongst those on the “Darknet,” once described by PC Magazine as “the hidden, anonymous underbelly of the searchable Web.” Since larger retailers handle these records in the hundreds of thousands to millions, hackers are looking for any entry point into their networks to extract credit card and customer account data.
Our areas of expertise include:
At The ALS Group, we help clients achieve their strategic goals via expert and insightful identification, quantification, and mitigation of the risks that could impact their business, or present opportunities for it.
More Information: [email protected]
Florida
1800 NW Corporate Blvd Ste 202
Boca Raton, FL 33431
Tel: +1-561-437-0024
At The ALS Group, we help clients achieve their strategic goals via expert and insightful identification, quantification, and mitigation of the risks that could impact their business, or present opportunities for it.
More Information : [email protected]
New Jersey
175 Main St
Woodbridge, NJ 07095
Tel: +1-732-395-4250
Florida
1800 NW Corporate Blvd Ste 202
Boca Raton, FL 33431
Tel: +1-561-437-0024
