The article by Kalinich provides an insightful thought on how organizations should act in order to avert possible risks associated with cyber exposure. It may be from legal frameworks that make a company expose some of its intimate information. Financial losses, ruined reputations and interruptions in the normal business activities are common when such risks are not well managed. The author advises that managers get educated on how to relate with issues that arise from cyber exposure in order to protect their companies’ assets.
Mitigation plans, though expensive and taking a lot of time, are better than dealing with the aftermath of a cyber breach. With a strong monitoring program, evidence on such a breach will be available and come a long way in reducing the liability likely to occur. A cyber security team put in place may implement these plans and reduce the risk involved. The team looks at the many ways to reduce the amount of information exposed by using the technology available. Kalinich advices on the review of third parties and the access of data they have. It can get achieved by checking their access to intimate information on the company and then implementing a risk assessment on each of them. By checking the type of data, they have access to, through audits, the possibility of a cyber breach gets minimized. They achieve this through the policy implementation’s success that relies on team outcomes of audits and the implementation of recommendations given.
Risk managers must liaise with their insurance broker to analyze policies that may expose the company to cyber exposure, thus covering possible fault lines in the existing policies for the good of the business. Taking very specific insurance covers ensures the companies get protection against these gaps in the insurance covers in case of a breach.
Finally, Kalinich insists that companies must understand their insurance coverage noting the possible gaps in the covers and all possible risks of breaches. They must also learn how make decisions when looking at and for alternatives for cyber insurance by acquiring accurate and timely information.
Kalinich, Kevin P. The Risk Manager’s Role in Mitigating Cyber risk. Risk Management, 2014. Web. 2014 Nov. 25. Retrieved from http://www.rmmagazine.com/2014/03/13/the-risk-managers-role-in-mitigating-cyberrisk/