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How to Offload Your Risk to a Third Party

MHA Consulting

There are two main types of risk transference: 1) buying insurance and 2) hiring a third-party vendor to perform an activity and passing on to them the risks associated with that activity. The Promise and Pitfalls of Insurance Insurance is the most frequently used and easiest method of risk transference.

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TSPs: Making the Case to Invest in Risk and Resiliency

Fusion Risk Management

Your customer may be subject to third-party outsourcing requirements by their own regulators , like the European Banking Authority’s Outsourcing Requirements , and they may ask to sign an addendum . Ability to Procure Cyber Insurance.

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Understanding the Importance of Choosing the Right Managed Services for Your Digital Transformation

BMC

Let’s take an example; A European health insurance company with significant investments and a well-defined strategic plan invested in the products of COMPANY X. The European health insurance company experienced several negative outcomes from this arrangement, such as low availability and inefficient system functionality.

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Understanding the Importance of Choosing the Right Managed Services for Your Digital Transformation

BMC

Let’s take an example; A European health insurance company with significant investments and a well-defined strategic plan invested in the products of COMPANY X. The European health insurance company experienced several negative outcomes from this arrangement, such as low availability and inefficient system functionality.

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Risk Management as a Career: A Guide for BCM Professionals

MHA Consulting

They include process and procedural robustness and integrity; people, skills, and training; insurance and self-insurance; the supply chain, outsourcing, and inherent risk; infrastructure, systems, and telecommunications; and physical and information security. Reducing risk. Transferring risk. Accepting risk.

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5 Ways to Minimize the Cost of a Ransomware Attack 

Pure Storage

There are outsourced IT and cybersecurity that may need to be deployed. Increased insurance premiums (or possible cancellation). Confirm what your cyber insurance covers—and what it doesn’t. There are the extra people-hours that must be devoted to reassuring customers. There are shareholder lawsuits the business must defend.

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Top reasons why Business Continuity Planning is ignored!

Stratogrid Advisory

We have business interruption insurance. The business interruption insurance will cover actual business loses and expenses associated with the restoration of business services. What business interruption insurance will NOT cover is the loss of your clients, overall market share, or any project related delays associated costs.