Cyber risk is the potential for organizational financial loss or negative reputation caused by the failure of its information technology security systems. These failures can be the result of cyber attacks and data breaches.
While general risk management is responsibility of a company’s CFO, IT security measures often remain the purview of the CIO or IT department.
IT security should be managed by a CFO for several reasons:
- It includes the protection of assets, liability exposures and regulatory compliance – IT security is more than a technical matter.
- A company’s internal IT department has no control of external computer systems outside of the company.
- IT security often involves managing the flows of liabilities in contracts. Contracts must be negotiated.
- Threats from within the IT department may exist. CFO-management of IT security provides an extra layer of separation between these potential threats and security systems. The insider threat
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LicataRisk Cyber Risk Consulting
LicataRisk has been performing cyber risk consulting, evaluation and insurance negotiation since our beginning. This has been done for clients as part of our total risk consulting and management package.
We can also perform cyber-only reviews and generate report for non-ongoing clients. Our reports include recommendations for improving risk profile and insurance and a plan for execution.
LicataRisk Cyber Analysis Report
We now offer a Cyber Analysis Report which includes:
- Cyber risk identification and quantification
- Review of cyber insurance program, with gap analysis and recommendations
- Review of cyber-related contracts, with report on risk assumption, and its coordination with the cyber liability insurance in the following areas:
- is risk which is assumed actually insured under current policies?
- do contract terms violate insurance promises and/or warranties?
- Loss control evaluation (at CFO level) with recommendation and referral to technical security experts if necessary and desired
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