article thumbnail

How to Offload Your Risk to a Third Party

MHA Consulting

There are four main strategies for mitigating risk : ยท Risk acceptance: Making a conscious decision to remain vulnerable to a potential harm, usually based on a cost-benefit analysis. The Promise and Pitfalls of Insurance Insurance is the most frequently used and easiest method of risk transference.

article thumbnail

How to Create a Data Breach Response Team

Pure Storage

Their skills should include vulnerability diagnostics, digital forensics, the ability to analyze memory dumps and malware, and the ability to use analysis tools to perform a correlation analysis of security events. This role could be an in-house team, outsourced, or hybrid. Information Security (InfoSec). Other Contacts to Know.

Insiders

Sign Up for our Newsletter

This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

article thumbnail

Silicon Valley Bank (SVB) Failures in Risk Management: Why ERM vs GRC

LogisManager

For instance, banks and insurance carriers with robust ERM programs realize that investment research consultants and credit rating agencies, although they may have a relatively small spend, can have a significant impact on their investment portfolios if conflicts of interest, bias, or fraud go undetected.

Banking 98
article thumbnail

Is Cost Holding You Back?

Online Computers

But if youโ€™re running older computer systems that donโ€™t have modern safety protocols, for example, your system is exceptionally vulnerable to attacks. In the example mentioned above of the old scale, as long as itโ€™s accurate, it doesnโ€™t matter how old it is since it does its job. Lastly, modern IT just makes everything move faster.

article thumbnail

Tips for Managing Third-Party Risk in Health Care

Reciprocity

And that suffering now extends far beyond the potential for Health Insurance Portability and Accountability Act ( HIPAA ) regulatory non-compliance brought on by lost or stolen data; instead, the breaches affect healthcare organizations’ capacity to function and pose a risk to patient safety.

article thumbnail

Capita Hack: A Case Study of What Not To Do โ€ฆ

Plan B Consulting

About Capita Capita is a large outsourcing company based in the United Kingdom. The company specialises in providing business process outsourcing, professional support services, and technology-enabled solutions, to both public and private sector organisations. It might also deter organisations from using their cyber services.

article thumbnail

Business Continuity Guide for Smaller Organizations

Stratogrid Advisory

An added benefit to a more resilient organization will be lower insurance rates These are just a few examples. Insurance companies assess risks to determine the insurance premiums they will charge. It will increase an organization's awareness of threats and vulnerabilities, which will help management make informed decisions.