Are you @Risk? Part II: Understanding your information technology exposures

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March, 2003 – Part I looked at how technology is becoming a more integral part of business activities. The degree to which a business utilizes technology coupled with the sensitivity of information transmitted or stored will determine the likelihood of an IT loss.

WHAT TYPES OF INFORMATION TECHNOLOGY LOSSES COULD YOUR ORGANIZATION FACE?

The first category is loss or destruction to your own information.

  • Corruption or destruction of data (virus)

  • Programming error & omissions

  • Power and /or Service Interruptions

  • Unauthorized access or use

  • Theft of proprietary information

  • Vandalism & Malicious Acts

  • Consequential Damages (Business Interruption)

  • Damaged Reputation / Goodwill

The second category is potential liabilities arising out of the loss, destruction or misuses of information belonging to others.

  • Corruption of Third Party Data

  • Invasion of Privacy

  • Media: Libel, slander, defamation of character

  • Intellectual Property: copyright, trademark

  • Breaches of security, breach of confidentiality, negligence, breach of contract

  • Failure to provide timely notice post loss

THE ‘IT’ LANDSCAPE

The Loss List is extensive and growing. Legislation is being fast tracked to keep pace with technology. Your business is changing too. Some facet of your operations will be harnessing technology in the near future. And that is why developing risk management strategies today will ensure you are prepared for tomorrow. Next Part will look at IT risk management strategies.

WHAT DO YOU THINK? ARE YOU @ RISK?

Insurers Financial Group.

The Insurers Financial Group (IFG) was founded on four core values – integrity, respect, innovation and action – and they have served us well. A large part of our success can be attributed to our continuing commitment to client satisfaction. Whether it’s as simple as insuring your home and automobile, or as complicated as specialized business insurance, or estate planning, we have the experience and expertise to customize a program to meet your needs. We’re proud to be building IFG on solid foundations. See for yourself what we have to offer. Check out our web site at http://www.ifgcanada.com