The loss of even a single day’s business to a cyber-incident can be costly enough, but if it occurs during the holiday season—when you might expect to take in 70% of your annual revenue—it can be ruinous. So as we approach Thanksgiving it’s worth reviewing your cyber exposures and mitigation measures.
According to Interpol, cyber-crime costs USD $8 billion. Before your business contributes to that sum, consider taking the following steps before you experience a cyber-attack or outage.
Analyze your Exposure
Where are your systems vulnerable?
- Outsourced IT?
- Security technology?
- Access controls?
- Disaster recovery plans?
- Data breach response plans?
Learn from Others
Keep an eye on peer or industry cyber-incidents, and you might be able to mitigate an exposure without experiencing it yourself.
Quantify the Risk Exposure
What would each type of cyber incident mean to your revenues or share values?
Financial Statement Implications
The financial ramifications a disruption or breach of confidential information could have on your operations and earnings must now be stated on the “Risk Factors” section of your 10K.
We have much more detail about mitigating cyber exposures and the SEC’s mandates for reporting them in our recent Cyber Holiday Paper – Cyber Incidents, Financial Reporting and the Holiday Retail Season.
Peter Foster is an executive vice president of our executive risks practice. Based in Boston, he consults with companies across varied industry sectors on emerging risks associated with network security and privacy, media, technology, errors & omissions and intellectual property.