We manage more than a quarter billion dollars of premiums for a diverse range of clients around the globe.
The breadth of data breaches is widening and now your personal computer network may be a target. Company executives, small business owners, investors, and others who tend to access sensitive or financial data from their home computer or mobile device may be at risk for a personal data breach.
Cyber risk has shot up to become the 2nd largest concern for U.S. businesses in 2015 (up from 5th in 2014). Malicious attacks such as computer viruses, banking or financial system hacks, and data breaches can cripple a business’ reputation and financial standing. If your company is not prepared, it may never recover from a serious cyber risk event.
The adage that information is power seems to carry more weight now than ever before. Healthcare is moving towards data driven analytics, mobile banking is hitting its stride, and sports at all levels are utilizing advanced statistics to improve competition. However, one major downfall is that all this data must be stored somewhere, thereby creating a risk of breach to the data holder. Hackers are well aware that information is power and data breaches seemingly occur at non-stop rates.
It’s been, roughly, a quarter-century since widespread asbestos installation in the United States came to an end, but the ramifications of its use are still being felt today. While the US has not banned the use of asbestos completely, it is no longer used as a form of insulation in construction projects. The shift away from the use of asbestos came at the turn of the 1990s. Of particular interest is the fact that, many of the buildings constructed during that time are now being demolished or renovated, which exposes workers to the air-borne particles that can cause ailments such as lung cancer and mesothelioma.
It’s everyone’s favorite time of year again. The department stores and commercials have already begun to advertise Christmas gifts, and it is not even Thanksgiving. As exciting as the holidays can be, we sometimes forget to think about the risks that go hand in hand with the holiday season, including credit card hacking and fires starting from decorations or cooking.
This past Tuesday, The Home Depot announced its 3rd Quarter earnings for 2014, but also warned shareholders that there will be more costs associated with the data breach that was originally announced in September 2014. According to a recent Wall Street Journal article, “the company said the data breach resulted in $28MM of pretax expenses in the most recent period, adding that it estimates the net cost for the year to be $34MM.” Based on various articles that I have reviewed, the retailer carries a $100MM insurance policy for expenses related to the breach. Having read about many other security breaches over the past year and the significant costs associated
Home Depot’s data breach is the largest retail breach we’ve seen yet. Last week, Home Depot publicly stated that in addition to the 56 million credit card accounts compromised, approximately 53 million e-mail addresses were stolen as well. The issue here isn’t the addresses themselves, but the malicious use the addresses will be put to.
Data breaches are a very serious threat to companies and individuals; their occurrence and impact is increasing drastically year over year. Hackers are looking to steal your financial data, personal information, and intellectual property. Often, the financial and reputational impact of a breach can be disastrous for an organization.
A constant struggle for the risk manager of an organization is balancing the profitability expectations of its shareholders and maximizing operational efficiency of the risk management team in order to reduce the organization’s Total Cost of Risk (TCoR). Having a clear perspective of the organization’s appetite for risk and risk tolerance is a fundamental element needed in order to achieve this balance.
So you are traveling for business or you have finally scheduled a few days away from the office. You pack your bags and are sure to not forget your mobile phone, tablet, and laptop. Now stop for a second and consider the consequences if one of those devices goes missing, is lost, stolen, or even hacked. How much personal or company data would be at risk? Bank account information, e-mails, contact information, confidential business documents. It’s all there for the taking.
