Is your business adequately managing cybersecurity risk? (Survey)

By | November 7, 2014

For better or worse corporations, utilities and individuals alike now have an unbreakable link to technology and the internet!

And that fact is not going to change in the future as instead we will likely become even more dependent on technology in our personal and business lives, not less.

So are we as a nation placing enough of a focus on protecting our data from loss or from the prying eyes of bad actors?

As with anything some of us are and some of us aren’t.

As an example of this recognition for the critical need of increasing the attention paid to cyber-risk, title insurance firms in New York State are currently addressing cybersecurity as one of the key cogs in a new industry-wide compliance platform.

Given this attention to the ever-increasing risks posed by cyber-breaches from any number of sources, has this issue of cybersecurity been enough of a priority for corporations (and individuals as well)?

A survey says that the answer may be a resounding NO!

Conducted by the Association for Financial Professionals on November 4th, these are the survey’s findings:

1. Has your organization experienced an actual or attempted cyber attack of any kind (e.g., credit card breach, company data, HR systems, bank account and wire fraud) over the past 12 months? Has one of your organization’s major counterparties suffered from an actual or attempted cyber attack over the past year?

My organization:

30% Yes, a successful attack
32% Yes, but the attempt was not successful
38% No attempt

Our counterparties:

30% Yes, a successful attack
32% Yes, but the attempt was not successful
38% No attempt

2. Using a five-point scale, rate the level of priority your organization’s treasury and finance function places on cyber security relative to other issues/challenges it currently faces.

32% Highest Priority (5) 38% (4) 19% (3) 6% (2) 5% Low Priority (1)

3. Relative to a year ago, how has the level of spending your organization dedicates to combat possible cyber attacks changed?

6% Increased by more than 100%
19% Increased by 50-99%
19% Increased by 25-49%
27% Increased by up to 25%
29% About the same/Decreased

4. Relative to a year ago, has your organization increased the amount of cyber insurance that it carries?

15% Increased 6% Used to not carry insurance, but carries insurance now
48% Holds the same amount of insurance
31% Has not/does not carry any insurance

5. When was the last time your organization updated its crisis response/business continuity plan as a result of the current cyber-risk environment?

24% Within the last 90 days
21% 91-180 days ago
22% 181-365 days ago
21% More than a year ago
12% My organization does not have a formal crisis response/BCP

6. Which of the following cyber attacks or effects of cyber attacks would have the biggest detrimental impact on overall business conditions? (Please select up to three choices)

73% Successful data breaches at financial institutions
47% Widespread loss of faith in payments technology
32% Additional high profile breaches of cloud services 
27% Additional high profile breaches of personal devices
23% Successful large scale attacks by foreign entities
21% Additional high profile data breaches at retailers

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Written by Michael Haltman, President of Hallmark Abstract Service, New York.

HAS is a provider of title insurance in New York State for residential and commercial real estate transactions specializing in the areas of New York City, Long Island and Westchester.

And remember that although your attorney will likely recommend a title insurance provider, you always have the right to choose your own title company (click here to learn more)!

If you have any questions you can reach Michael by email atmhaltman@hallmarkabstractllc.com.

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