Storage of electronic data, information technology controls, and cybersecurity all present major areas of risk for modern companies. According to a recent report issued by the IIA Research Foundation titled “Navigating Technology’s Top 10 Risks,” cybersecurity ranks as the #1 risk. Does your organization have policies and processes to effectively detect and manage your risks? Did you know that over 7 billion mobile connections are made each year? How do your employees conduct business—on your company’s behalf—when they are off site or using smartphones? Are they using secure networks?
In their Data Breach Reports dated September 1, 2015, The Identity Theft Resource Center (ITRC) defines a data breach as an incident in which an individual name plus a Social Security number, driver’s license number, medical record, or financial record (credit/debit cards included) is potentially put at risk because of exposure. The ITRC notes that over 500 breaches have already occurred in 2015 with over 140 million individual records exposed. The largest areas of breach occur in the medical and healthcare fields.
Today, we highlight two thoughtfully written articles to contemplate as you address cyber risk strategy for your company:
- “Enhance Your Organization’s Cybersecurity Strategy,” written by CBIZ.
- Top 10 takeaways from “Detecting and Preventing Fraud with Data Analytics in 2015,” reported by Fraud and Technology Wire.
It is important to annually determine the individual “data” records you have stored electronically, along with the direct costs associated with a breach (credit monitoring services and other direct expenses) to assess your risk and determine the adequacy of insurance. Insurance coverage for cybersecurity is typically a separate rider or policy.
As we enter the fourth quarter of 2015, it is an excellent time to update and review all internal control policies, processes, and controls, as well as review your insurance coverage for annual renewals. CFORuth & Associates is available to assist, should you need additional resources.
Working better. Achieving more. Together.