2014 Information Security and Cyber Liability Risk Management

zurich-cric-report-250x324October 2014

Advisen wrote a white paper that presents the results of “The Fourth Annual Survey on the Current State of and Trends in Information Security and Cyber Liability Risk Management”. The free, 10-page paper is sponsored by Zurich.

Managing Cyber Risk

If there was any doubt as to the existence of a data security epidemic, 2014 likely changed that. This is the year that it became abundantly clear that no business, government, or individual was immune to the threat of an attack. With massive data breaches affecting some of the nation’s largest retailers, nation states being accused of stealing corporate trade secrets, and private celebrity photos being hacked, 2014 has been chockfull of cyber related headlines.

Cybercriminal tactics continued to evolve and the ability to execute attacks became easier. For many companies, being involved in a cyber event went from a question of “if” to “how bad.” Small and midsize businesses increasingly realized that they are highly vulnerable. Information security risks have become a risk management focus for more organizations. Thanks largely to a number of high profile retail breaches, 2014 also has been the year that executives and board members began to view cyber risks more seriously.

“The Fourth Annual Survey on the Current State of and Trends in Information Security and Cyber Liability Risk Management” has further clarified the information security and cyber risk management picture. Trends and attitudes continue to take shape and marketplace reactions to emerging issues continue to present themselves.

Respondents’ perception of cyber risk is largely unchanged from last year with 88 percent considering cyber and information security risks to be at least a moderate threat to their organization. Respondents do however believe that board members and executive management are viewing cyber risks more seriously. In response to the question “In your experience, are cyber risks viewed as a significant threat to your organization by:” 64 percent said “yes” for Board of Directors (54 percent in 2013) and 72 percent said “yes” for C-Suite Executives (64 percent in 2013).