Best’s Briefing: Single-Parent Captives Take Growing Role in Owners’ Cyber Risk Management

OLDWICK, N.J.--()--There has been a significant increase in cases of individuals, businesses and even governments falling victim to cyber security risks of all sorts. Notable headlines in 2014 included significant breaches in the security of stores such as Target and more recently, Apple’s iCloud and Home Depot, according to a Best’s Briefing.

With the continued advance of technology that allows individuals to conduct a good portion of their daily business (purchases, banking, etc.) via the Internet and other online services, while at the same time key personal information is available in different social media venues, both individuals and businesses are exposed to cyber risk and data breaches that could cost hundreds of millions if not billions of dollars.

In the past, companies delegated protection of vital corporate information and customers’ personal records to their information technology departments, mainly because those departments were overly protective of what they saw as their domain of responsibility. But with the growing severity of the risk and exposure, as well as the potential reputational damage to companies, this responsibility has shifted to collaboration between risk managers and their counterparts in IT departments, with active oversight by management and boards of directors. As such, risk managers are supported, encouraged and urged to be more assertive by exploring both private and government-led initiatives to stay on top of this growing threat, which haunts corporations as well as individuals globally.

For the full, complimentary copy of this briefing, please visit http://www3.ambest.com/bestweek/purchase.asp?record_code=228604.

A.M. Best Company is the world's oldest and most authoritative insurance rating and information source. For more information, visit www.ambest.com.

Copyright © 2014 by A.M. Best Company, Inc. ALL RIGHTS RESERVED.

Contacts

A.M. Best Company, Inc.
Fred Eslami, 908-439-2200, ext. 5406
Senior Financial Analyst
fred.eslami@ambest.com
or
Christopher Sharkey, 908-439-2200, ext. 5159
Manager, Public Relations
christopher.sharkey@ambest.com
or
Jim Peavy, 908-439-2200, ext. 5644
Assistant Vice President, Public Relations
james.peavy@ambest.com

Contacts

A.M. Best Company, Inc.
Fred Eslami, 908-439-2200, ext. 5406
Senior Financial Analyst
fred.eslami@ambest.com
or
Christopher Sharkey, 908-439-2200, ext. 5159
Manager, Public Relations
christopher.sharkey@ambest.com
or
Jim Peavy, 908-439-2200, ext. 5644
Assistant Vice President, Public Relations
james.peavy@ambest.com