“…companies can go a long way toward reducing their exposure to significant losses resulting from a security breach by putting themselves on a â€œdata diet…There is an enormous amount of information that we never use, but we never get rid of. It’s 100% risk and 0% value. As a risk manager, that’s the scariest equation you’re ever going to hear…â€
While there is no way for companies to completely eliminate the risk of data breaches and cyber attacks, there are several steps they can take to reduce their potential financial and reputational losses, a panel of experts said Thursday at the third annual Business Insurance Risk Management SummitÂ®in New York.
â€œThe fact is that you’re going to be attacked. That’s the reality,â€ said Alan Brill, senior managing director of secure information services for New York-based Kroll Inc. A well-crafted cyber risk management program need not be wildly expensive or complex, Mr Kroll said, but should at least strive for â€œcommercially reasonable levelsâ€ based on company size and industry.