Risk & Business Magazine General Insurance Service Spring 2021 - Page 30

CYBER SECURITY

How Well Do You

Understand Your Business ’ s

Cyber Risk Profile ?

Is your business prepared for a cyberattack ? Business leaders are forced to face this uncomfortable question even when they do not have a technical background . Six trillion dollars is the estimated cost of cyberattacks in 2021 . Not having a plan is simply not an option .

YOU DON ’ T KNOW WHAT YOU DON ’ T KNOW
The key issue when it comes to evaluating the risk your business faces when it comes to cybersecurity is a lack of understanding of where your vulnerabilities lie . According to Cisco ’ s Cybersecurity Report in 2019 , businesses with over 10,000 employees on average spend over $ 1 million a year on cybersecurity . This budget is simply not attainable for most businesses out there , though their risk must still be mitigated . To validate each dollar spent on overall security , the first step is learning what you don ’ t know .
I have heard it dozens of times : “ Scott , I hear what you are saying , but my IT guy says we are good .” If only cybersecurity were that easy . If only we could decide between being secure or not secure , like a true-or-false question on a quiz . Yet companies such as Adobe , eBay , Equifax , LinkedIn , Marriott , and Yahoo all saw cybersecurity breaches in the past 10 years , all of which were likely investing heavily into their security . Would they say they are “ good ”?
ASSESSING YOUR CYBER RISK PROFILE IN 5 STEPS
At Lachesis , we have found the best way to assess your profile is a 12-month holistic program that provides a comprehensive cybersecurity assessment . By launching a simulated attack on your system , we can find vulnerabilities that may be present and exploitable without causing any damage . Our 5-step process provides a clearer picture of your overall risk profile .
STEP 1 : BUSINESS COST ANALYSIS
Cybersecurity is a business concern requiring a collaboration between leadership , operations , relevant specialists , and IT departments . By starting with some basic questions regarding your profit generation , risk exposure to goodwill , insurance coverage , and hard costs associated with breaches , we can start to see the kind of business

TO VALIDATE EACH DOLLAR SPENT ON OVERALL SECURITY , THE FIRST STEP IS LEARNING WHAT YOU DON ’ T KNOW .

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