May 15, 2023
One of the great ironies of human behavior is this: When a problem confronts us, we take the time and money to get outside expertise for guidance ― and then, with report in hand, we fail to implement it. This is more common than many realize. Executive inaction on cyber risk issues is a problem, even after experts chime in.
Case in point: It is well established that the biggest existential threat to an insurance operation, large or small, is a cyberattack. Far too often, insurance organizations have seen the need to take prudent steps to help safeguard their data and protect their long-term viability. They engage outside firms for help. Cyber risk assessments and recommendations are delivered. Then … nothing.
Why? It seems counterintuitive.
Why would executive inaction on cyber risk issues be such a problem? Could the reason be that the assessment process was too cumbersome, and the recommendations were more academic than practical? A cyber-risk assessment is successful only if the client is capable of implementing the preventative measures that are recommended. Are agents often finding markets to overlook challenges? An Insurance Policy bound under documented vulnerabilities may never pay a claim. So what is it that can drive action and make clients truly protected?
TEKRiSQ’s successful implementation rate proves that these four elements are key:
There is, for example, a common misconception that cyberthreats are a problem only for large businesses. But the small and medium enterprise (SME) is the cybercrime target that most needs outside assistance. A small firm cannot sustain an internal IT department. It’s unlikely even to employ a tech whiz. It’s dependent on affordable avenues to solve its unique business needs, including cyber-protection, and it needs understandable information to do that.
Incorporating these four elements into the cyber-risk assessment process creates a positive attitude among our clients’ staffs. They form the zeitgeist for our work, especially for our SME clients.
If your business needs an independent cyber risk assessment that minimizes tech jargon and is highly actionable, contact TEKRiSQ today.
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