Increased Cyber Attacks Put Pressure on Risk Managers
The proliferation of groundbreaking technologies has resulted in the new age of digitalization. But it can also be considered as a double-edged sword, because with the advances in digitalization comes the risks of cyber attacks. A decade ago, organizations were unaware of the terms, cyber attacks and cyber risks, but now organizations are taking vital measures to overcome these vulnerabilities with the help of risk managers. This has led the cyber market phenomenally scale up with the investment of myriad of organizations creating an evolution in the cyber market with more coverage and competitions.
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However, choosing the coverage or policy in the cyber market is not an easy task, so the risk managers are often piled up with a lot of works. Before deploying a policy or coverage for the organization, they have to check first the Directors and Officers (D&O) liability insurance, which serves as a security for all the claims against directors and officers. They will compare the D & O policies with multiple vulnerability cases, questioning insurer how they will react to these cases ensuring security. Additionally, the risk managers’ work closely with the compliance department, which may change from time to time with the increasing demands in the industry as cybersecurity programs require certification. Furthermore, the risk managers also consider the new technologies before implementing a coverage or policy. Moreover, these risk managers may also face numerous challenges, like an extension of insurance coverage, lack of data on the cyber threats and changing nature of vulnerabilities and threats. All the above factors ensure that organizations should take actions in employing more cybersecurity specialists to assist risk managers.
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By Michael Benz, VP Information Technology, Kraus-Anderson Construction Co