Cyber FAQs

 

Have questions about cyber risk and cybersecurity?

There is a lot of information about both areas, but these are the most asked questions we get by the business community.

Below are Cyber FAQs.

What is cyber risk?

Cyber risk is any danger of financial loss, disruption, or damage to the organization from information technology systems failure. It is a comprehensive view of the potential exposure to internal security flaws in the context of external threats. Cyber risk management develops collaboration with siloed stakeholders allowing for a better understanding of risks and responds to threats.

What's the difference between cyber risk and cybersecurity?

Cybersecurity and cyber risk are not interchangeable and have different functions. They work in conjunction with each other. 

Why should I worry about cybercrime?

It is not just the financial services firms and defense organizations; all types and sizes of organizations are at risk. Any organization which collects and stores information on customers electronically or keeps its accounts in a cloud has a cyber threat. Organizations must remain secure, vigilant, and resilient to both minimize risk and optimize new opportunities.

What is cybersecurity?

Cybersecurity is the method of securing computers and servers, mobile devices, electronic systems, networks, and data from malicious attacks. It is also known as information technology security or electronic information security. The term is broad-ranging and applies to everything from computer security to disaster recovery, and end-user education.

What is the ROI on cyber risk and cyber security?

Cyber risk and cybersecurity should be part of running a business such as insurance or accounting. Lack of attention to cyber risk and cybersecurity will cost you. How you much can you lose and keep your business operations? According to a recent study by a leading global business insurance company, the average cost of a cybercrime costs:

$14K - Small Business (1-49 employees)

$184K - Medium Business (50-299 employees)

$715K - Large Business (300-999 employees)

$551K - Enterprise (1,000+ employees)

 

What are the questions to ask?

There are some critical questions you need to ask your team or your information technology provider about cyber risk and cybersecurity. You can find them them here