Are you @Risk? Part III: Managing Technology Risks. Insurers Financial Group

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March, 2003 – A full appreciation of what IT risks are and how they can affect your organization will enable you to make informed business decisions.

  1. Identify what business functions rely on technology and the types of information at risk. See Part I.

  2. Analyze your potential information losses and third party liabilities. Try to gauge the financial consequences. See Part II

  3. Design Your Response

    • tweak existing insurance coverages wherever possible

    • consider standalone IT policies for significant exposures

    • amend your Human Resources policy to ensures employees understand and are educated in appropriate computer uses

    • develop and update loss control measures including security

    • have a disaster recovery/contingency plan to deal with post loss measures including Public Relations

    • understand what risks are assumed under contract and what risks can be transferred

  4. Monitor Your Response

    • How effectively are you managing your IT risk?

    • What new business functions will be utilizing technology?

    • What legal developments could enhance your liabilities?

CONCLUSION

Technology inherently is about speed, and so too is its risk potential. Where tangible business assets may undergo appraisals every three years, technology risk will require more frequent assessments. Every risk management process should contain frequent IT audits. It is the only way to avoid the unexpected.

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