When it comes to risk management, best practices begin with best strategies:
1 Take the time to realistically assess your enterprise’s vulnerabilities
In one recent survey , increased reliance on technology itself and increasing business complexity ranked second and fourth as drivers of increased risk.
If (when?) your clients express skepticism about the risks their business faces, you might try offering up these numbers:
Cyberattacks that target businesses nearly doubled between 2016 and 2017 , driven by an enormous spike in ransomware, including ransom denial-of-service (RDoS) attacks. Result: overall, the cost of a cyberattack has increased more than 27% from 2016 to 2017.
2017 was the most expensive year on record for natural disasters, due in significant part to extreme weather events across the U.S. that caused a total of $306 billion in damage. Last year saw 16 separate billion-dollar events, including three tropical cyclones, eight severe storms, two inland floods, a crop freeze, drought, and wildfire.
Businesses have always faced risks. In the 1920s, shopkeepers in small Midwestern towns were issued surplus World War I rifles so they could run into the street and shoot skedaddling bank robbers.
But risks evolve, as do the ways any given risk may impact your business.
In my last post, I listed two of the six ways the European Union’s General Data Protection Regulation (GDPR) can affect even non-EU enterprises—by …
Reaching beyond the EU; and
Redefining personal and sensitive data.Here are four more reasons you can’t afford to ignore GDPR:
Have your clients been asking about GDPR ? Due to take effect on May 25, the European Union’s General Data Protection Regulation may impact a portion of your clients, not least due to the intensifying focus on the use of personally identifiable information. Although GDPR applies only to EU citizens, it’s influencing even US companies to alter their terms of service, rewrite contracts, and provide new tools to handle “personal data.” I offer six reasons why some of your clients may find it less risky to assume GDPR does affect their business than to assume it does not. This is especially true if their enterprise handles personal data :
I’m here to ping you about GDPR .
That’s the European Union’s General Data Protection Regulation — due to take effect on May 25. If this sounds like just another set of data privacy rules that someone else, not you, has to worry about — don’t be fooled.
