@Risk

New survey results from Aon eSolutions offer some valuable insight into how the use of risk technology can impact an organization’s risk and data management, as well as the total cost of risk.

For example, according to the survey of more than 400 risk professionals from 57 countries:

• The number one benefit and driving force behind the use of risk technology is accurate and reliable data. Companies use risk management information systems (RMIS) to manage business operations and generated accurate financial information.
• More organizations are now closely tracking return on investment (ROI) for risk technology tools.  The study results revealed that more than 25 percent of those polled expect to save up to $50,000 per year from using risk/insurance and claims technology.
• Compliance is an emerging benefit of using risk management tools.

Based on the survey results, Aon eSolutions identified these top ten benefits of risk technology: (more…)

We all know that employees use social networks and browser-based file sharing at work. But, new research from Palo Alto Networks reveals just how deeply Web 2.0 tools have penetrated the workplace –and how important it is for companies to prepare for potential threats from social media and file sharing apps.

After analyzing raw application traffic from more than 1,600 enterprises between April 2011 and November 2011, Palo Alto Networks found that:

Social media use is exploding, especially for Twitter. The study revealed that bandwidth consumption for Facebook Apps, Social Plugins and posting increased from 5 percent (October 2010) to 25 percent (December 2011) when measured as a percentage of total social networking bandwidth. Twitter browsing at work alone grew by more than 700 percent year-over-year. (more…)

How careful are employees when it comes to IT security?

Apparently, most aren’t careful, at all. What’s more, most aren’t really concerned whether or not IT policies are followed.

Take a look at these survey results. IT security expert Avira polled nearly 1,000 of its users in September and found that:

• Only 38.95 percent of those participating in the study said they adhere to security policies designed to protect their company.
• About the same amount (35.42 percent) admitted there are security policies in place at their business, but that they didn’t feel that anyone really cared whether those policies were followed or not.
• The remaining 25.63 percent said they see security as a system administrator’s responsibility and not an employee concern. (more…)

Do you know what your employees, customers and competitors are saying about your company online via social media networks?

Most companies don’t –and that’s starting to cause headaches for risk professionals.

A recent survey by the Federation of European Risk Management Associations and the Institute of Risk Management (IRM) asked risk professionals which three cyber risks they thought were the greatest threats to their own organization and to business, in general.

For business, in general:

• Respondents ranked social media alongside non-malicious operational IT risks, theft of customer information and malicious interference with IT systems as the greatest cyber threats to business. Reputation risk from social media was cited as a material risk by nearly 50 percent of respondents and loss of confidential information through social media by 20 percent.

In terms of exposures to their own organizations, the emphasis shifted somewhat:

• More than half put operational, non-malicious IT risks among the top three, followed by 43 percent theft of customer information (43 percent) and social media risks (42 percent).  21 percent said they were concerned about loss of confidential information through social media.

In other findings: (more…)

Even though many have had to cope firsthand with disruptions caused by recent natural disasters such as Iceland’s volcanic eruption or the earthquake and tsunami in Japan, executives now see cyber attacks –rather than physical attacks –as potentially the most damaging to their supply chains, according to new report from PwC.

The report, Volume 4 of the Transport & Logistics’ 2030 series Securing the Supply Chain, is a joint project between PwC and the Supply Chain Management Institute (SMI) at EBS Business School in Germany.  It warns that cyber attacks are now so sophisticated that any business, or even country, could be at risk. (The German internet, for example, is attacked every two seconds, PwC says.)

On average, the 80 science, government and business executives polled agreed that there is a 56 percent probability of a rise in attacks in some form. Overall, those surveyed said they were even more concerned about hacker attacks affecting their supply chains than they were about actual physical attacks.

In addition, survey respondents said there was a 70 percent probability of logistics companies having to perform obligatory security checks on their whole supply chain, and they said there was a 60 percent probability that modern technology would offer businesses better protection.
(more…)