Security & Business Resilience

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For the first time ever, Cyber incidents ranks as the most important business risk globally in the ninth Allianz Risk Barometer 2020, relegating perennial top peril Business interruption (BI) to second place.

In a prior article, we analyzed Articles 1 through 4 of the California Attorney General’s proposed California Consumer Privacy Act (“CCPA”) regulations. This article discusses Article 5 (Special Rules Regarding Minors) and Article 6 (Non-Discrimination). The CCPA went into effect on January 1, 2020, which means that businesses should, at a minimum, be updating their online privacy policies and accepting and responding to consumer requests. 

In 2019, the U.S. experienced 14 weather and climate disasters with losses exceeding $1 billion each and totaling approximately $45 billion.

Put 2019 in the record books — for cybercrime, that is. 

Late last year, it was announced that the major aluminum manufacturing firm, Norsk Hydro AS, received a $3.6 million cyberinsurance payout – the first around highly publicized, extensive cyber breach of March 2019. The large ransomware attack struck the company’s U.S. facilities – before spreading throughout the company, resulting in millions of dollars lost – destabilizing Norsk Hydro’s operations until the summer months. The payout covered merely six percent of the multi-million-dollar costs created by the incident and its aftermath. 

What is the point of spending time, resources and money on your security program if you can't tell whether it's working or not? It's just as important to establish the right metrics for a security program as it is to have such a program in the first place.