Cyber Insurance Companies to Generate $14 Billion Worldwide by 2022
Cyber Insurance Companies to Generate $14 Billion Worldwide by 2022 Cyber Insurance Market statement, published by Allied Market Research, predicts that the world market is projected to acquire $14 billion by 2022. Furthermore, there will be a compound annual growth of nearly 28 percent between the years 2016-2022. In 2015, North America constituted the biggest cyber insurance market. The increase in this region is enhanced by enforcement of data security regulations in the United States.
Read moreSAS Survey: Organizations are Faced with GDPR Compliance Challenges
SAS Survey: Organizations are Faced with GDPR Compliance Challenges In May 2018, the European Union General Data Protection Regulation (GDPR) will make organizations responsible for data protection. Also, they will be accountable for storing and processing data within the organization. According to a recent survey from top business analytics, SAS, more than half (58%) claimed that their organizations are not aware of the punishment for noncompliance. Less than half (45%) indicate that their organizations have a structured plan in place for compliance.
Read moreThe Most Susceptible Countries in Europe
The Most Susceptible Countries in Europe In 2018, there are many hacks activities carried out in UK Parliament, UK’s National Health Service and many of Ukraine’s infrastructures such as central bank and parliament. It is necessary to have good cybersecurity to avoid widespread of hacks and malware.
Read more2017 Notorious Cybersecurity Interruptions
2017 Notorious Cybersecurity Interruptions An irrational number of cybersecurity emergencies flooded the initial half of the year 2017, and this breach goes beyond the regular interruption in cybersecurity. As of now, there have been several leaks of spy tools from US intelligence agencies, state-sponsored ransomware, as well as full-on campaign hacking. The rate of cybersecurity meltdowns is alarming, and this might still go on for a long period of time.
Read moreCapacity Building Toward Enterprise Risk Management Implementation Using ISO 31000
Capacity Building Toward Enterprise Risk Management Implementation Using ISO 31000 Capacity building to implement Enterprise Risk Management using ISO 31000 may start with building the right understandings about Enterprise Risk Management and ISO 31000 fundamentals, and at the same time to acquire some relevant competencies, both hard competencies and soft competencies for a group of people who will lead Enterprise Risk Management implementation in the organization.
Read moreStep 7: Develop the Next Phase of Action Plans & Ongoing Communications
Step 7: Develop the Next Phase of Action Plans & Ongoing Communications The implementation of Enterprise Risk Management is an evolutionary process that takes time to develop. In the spirit of continual improvement, once the initial Enterprise Risk Management action plan has been completed, the working group or risk leader should conduct a critical assessment of the accomplishments to date and develop a series of action plans for the next stage of implementation.
Read moreStep 6: Develop Your Initial Risk Reporting
Step 6: Develop Your Initial Risk Reporting The organization next needs to develop its initial approach to risk reporting including its communication processes, target audiences, and reporting formats. Organizations should start by keeping things simple, clear and concise. Make it a point, however, that regardless of what specific reporting format employed, the reporting must reflect clearly the relative importance or significance of each risk.
Read moreStep 5: Inventory the Existing Risk Management Practices
Step 5: Inventory the Existing Risk Management Practices During the risk assessment process, the organization should also be taking an inventory of its current risk management practices to determine areas of strength to build upon and areas of weakness to address. This inventory becomes valuable information for management to assist in enhancing the risk management processes.
Read moreStep 4: Conduct the Initial Enterprise-wide Risk Assessment & Develop an Action Plan
Step 4: Conduct the Initial Enterprise-wide Risk Assessment & Develop an Action Plan In many ways, this step is the heart of the initial Enterprise Risk Management process. The focus here is to gain an understanding of and agreement on the organization’s top risks and how they are managed. The assessment is a top-down look at the risks that could potentially be most significant to the organization and its ability to achieve its business objectives. While any organization faces many risks, the starting point is to get a manageable list of what are collectively seen as the most significant risks. Here, members of the risk committee or working group can be most helpful by sharing their views or identifying people in the organization who should be involved in the risk assessment.
Read moreStep 3: Establish a Management Risk Committee or Working Group
Step 3: Establish a Management Risk Committee or Working Group To provide strong backing for its Enterprise Risk Management effort, an organization should consider creating a senior-level Risk Management Committee or Working Group as the vehicle through which the designated risk leader can implement the Enterprise Risk Management initiative.
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