Many times companies wonder, “What goes wrong when losses are incurred?” Although many of the losses seem to be theoretical, they are very real issues that have occurred to many companies. Only by understanding that losses do occur and how to prevent them, can your company develop a viable cyber risk management program. Some examples of losses include:
- Firewall providers – breach of security due to malfunction in the software
- Software providers – Damages that are caused due to software malfunction
- Website Owners – Misuse of copyrighted material
- A virus is sent to your network causing third party damages.
- Network Owners – hacker actions that cause loss of funds and negatively affects both systems usage and reputation.
- Custodians of Confidential Data – Civil action due to unauthorized release of data protected by privacy laws.
- A customer initiates a suit because a computer consultant is alleged to have provided faulty advice which leads to a failed installation.Hacker steals your funds.
- Hackers send a virus which causes lost income and/or damage to data.
- Hacker extorts money by threatening release of confidential data.
- Hacker launches a “Denial of Service” attack to prevent usage of your website and/or damage to your website data.
- Hacker or disgruntled employee changes all passwords locking you out of the network.
For further information on cyber risk management or how INSUREtrust can assist you in setting up a cyber management program for your company, please contact us.