CYBER RISK

Solutions for Tomorrow's Cyber Risk Management Challenges

Strategic Risk Advisors approach challenges with a completely open mind, "thinking outside the box" instead of using the standard solutions. We strive to provide high-quality solutions to increase your efficiency and productivity.

Today's Cyber Risk Threats

In today's digital age, cyber risk is one of the fastest-growing threats facing organizations across all industries. From healthcare to retail, financial services to non-profits, no sector is immune from the dangers of cyber attacks. With the increasing frequency and severity of system breaches, protecting your company from cyber risks has never been more crucial. According to the December 2018 Ponemon-Tenable Study, over 60% of organizations have experienced at least two business-disrupting cyber events within the past 24 months.

The Cost of Cyber Risk

The cost of responding to a cyber breach can be devastating. Cyber risk poses significant threats, including reputational damage, business interruption, data extortion, legal liabilities, and the loss of critical information. Proactively addressing these risks is essential for safeguarding your customers’ and employees’ data. Failure to mitigate cyber risks can result in irreparable financial and operational harm to your business.

Direct Cyber Breaches

In addition to direct cyber breaches, Social Engineering Fraud has emerged as a growing concern. Unlike traditional breaches, this type of fraud involves tricking authorized individuals into voluntarily transferring funds. Many crime insurance policies don’t cover Social Engineering Fraud because the funds were not technically stolen. However, limited coverage can be obtained, and the best defense often lies in strong internal controls and procedures.

Cyber Risk Management

Effective cyber risk management requires a multi-departmental approach. It is no longer solely the responsibility of the IT department. The Board, C-suite, Risk Management, and IT departments must all work together to mitigate cyber risks and reduce a breach's financial and operational impact.

For assistance in assessing your organization’s cyber risk exposure and developing a comprehensive cyber insurance program, including Social Engineering Fraud coverage, contact Strategic Risk Advisors today. Protect your business from the growing threat of cyber risks with expert guidance and tailored solutions.