We manage more than a quarter billion dollars of premiums for a diverse range of clients around the globe.
Last month, Risk.net, a UK-based website that covers operations risk at financial services firms, released its list of top 10 operational risks for 2017. It’s no surprise that financial services companies face many of the same risks that businesses in all industries face. So what are those top three risks and how can organizations combat them?
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.
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.
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.
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 holiday season usually means new tech gadgets for everyone to tap, swipe, click, and download. Most people who unwrap a new iPhone, MacBook, Smartwatch, Fitbit, or game console probably aren’t considering the ramifications of connecting those devices to the Internet and setting up new user accounts filled with their personal information. Unfortunately, we live in a time where have to, or at the very least, should.
The year 2016 is turning out to be a record one for data breaches, and cybercrime won’t be slowing down any time soon. According to global digital security firm Gemalto, nearly five billion private records have been exposed globally since 2013. Data breaches were up 15% in the first half of 2016 compared to the prior six months.
Back in May 2016 I posted a blog (Be Prepared – Data Breach Notification Laws are Changing), which covered how data breach notification laws were evolving. At that time the state of Tennessee amended its law, becoming the first state in the nation to require notification of any data breach, whether the information is encrypted or not. I also predicted that state laws would most likely become stricter in the not too distant future…
Does the threat of Ransomware crippling your organization’s network and operations keep you up at night? At this point, it kind of should. However, there’s a lot your CISO and IT staff could be doing to mitigate the threat and help you sleep a bit more soundly.
Troubles continue for Millennium Tower, the luxury high-rise building that has been coined “the leaning tower of San Francisco” for tilting two inches at its base and sinking 16 inches. As we predicted in our August 11th blog, a lawsuit ensued and it’s huge: Condo owners filed a $500 million class-action lawsuit against the developers, Millennium Partners, and the Transbay Joint Powers Authority.
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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
