Privacy Liability

With the enormous amount of sensitive information stored digitally, companies need to take the proper measures to ensure this data is never compromised. Ultimately, it is the responsibility of business owners to protect their clients’ data. Failing to do so can result in a data breach, which costs companies billions of dollars every year. Understanding the risks involved with data security can help you prevent a privacy breach.

Know the Risks
The first step in protecting your business is to recognize basic types of risk:

  • Hackers, attackers and intruders. These terms are applied to people who seek to exploit weaknesses in software and computer systems for their personal gain. Although their intentions are sometimes benign, their actions are typically in violation of the intended use of the systems that they are exploiting. The results of this cyber risk can range from minimal mischief (creating a virus with no negative impact) to malicious activity (stealing or altering a client’s information).
  • Malicious code. This is the term used to describe any code in any part of a software system or script that is intended to cause undesired effects, security breaches or damage to a system.
  • Viruses: This type of code requires that you actually do something before it infects your system, such as open an email attachment or go to a particular Web page.
  • Worms: This code propagates systems without user interventions. They typically start by exploiting a software flaw. Then, once the victim’s computer is infected, the worm will attempt to find and infect other computers.
  • Trojan horses: Trojans hide in otherwise harmless programs on a computer, and much like the Greek story, release themselves when you’re not expecting it and cause a lot of damage. For example, a program that claims to speed up your computer system but actually sends confidential information to a remote intruder is a popular type of Trojan.

IT Risk Management Practices
To reduce your cyber risks, it is wise to develop an IT Risk Management Plan at your organization. Risk management solutions utilize industry standards and best practices to assess hazards from unauthorized access, use, disclosure, disruption, modification or destruction of your organization’s information systems. Consider the following when implementing risk management strategies at your organization:

  • Create a formal, documented risk management plan that addresses the scope, roles, responsibilities, compliance criteria and methodology for performing cyber risk assessments. This plan should include a characterization of all systems used at the organization based on their function, the data stored and processed and importance to the organization.
  • Review the cyber risk plan on an annual basis and update it whenever there are significant changes to your information systems, the facilities where systems are stored or other conditions that may affect the impact of risk to the organization.

Protection is our Business
Your clients expect you to take proper care of their sensitive information. You can never see a data breach coming, but you can always plan for a potential breach. Contact Purdum Gray Ingledue Beck, Inc. today, 309.833.1755 —we have the tools necessary to ensure you have the proper coverage to protect your company against a data breach.

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