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Blog By: Garry Watts, CPCU, CRM

There are a lot of articles and information on Big Data these days.  More and more companies are collecting data and figuring out how to mine that data to use it for a competitive advantage. But in their collecting, it does not appear that they are protecting it.  Data breaches by Target, Neiman Marcus, Barclays, and Yahoo’s email service have affected millions of consumers.  And what about the cyber attacks on companies that are smaller, and never make the news? We are not even aware of them.

A recent article from Fortune Magazine (March 17, 2014) states that  the Chairman and CEO of J.P. Morgan Chase sent a letter  to his shareholders last year and said that the bank employs more than 600 people across the firm and spends about $200 million a year to protect its data and fight cyberwarfare.  The article also states he expects that figure to climb by 20-40% a year for the next several years. 

What about your firm?  If you have online services for clients, have you assessed your risk if information is stolen?  Do you know what the law requires you to do if there is a data breach? Are your mobile devices password protected?

If I am a business owner, I want clarity on how to navigate this minefield.  Assess your risk.  Prioritize a plan.  Then work with your risk advisor to implement a strategic plan around this cyber exposure. 

 

Posted 2:49 PM  View Comments

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