North Korea Now Suspected in Ransomware Attack

This post first appeared on Risk Management Monitor. Read the original article. The massive cyberattack targeting computer systems of businesses, government agencies and citizens in more than 150 countries is now being linked to the North Korean government. Called WannaCry, the ransomware encrypts the victim’s hard drive and demands a ransom to be paid in (more…)

Navigating Risk Management Around the Globe

This post first appeared on Risk Management Monitor. Read the original article. Over the past few years, I’ve had the wonderful opportunity to travel the world and visit factories, distribution centers, ports, warehouses, and several offices for the company where I work. Apart from being a great way to see the world, it has also (more…)

In a Changing World, Questions For the CRO

This post first appeared on Risk Management Monitor. Read the original article. Before the financial crisis in 2008-2009, many businesses didn’t think of risk as something to be proactively managed. After the crisis, however, that paradigm shifted. Companies began perceiving risk management as a way to protect both their reputations and their stakeholders. Today, risk (more…)

10 Insurance Tips to Help Manage Construction Risk

This post first appeared on Risk Management Magazine. Read the original article. Construction involves risks that can and should be managed, often by transferring that risk to insurance. The following 10 tips can help in that effort: Remember that the construction contract is the cornerstone of risk management. The contract documents should set forth the risk allocation plan, including (more…)

Ransomware Attacks Increase, With U.S. the Primary Target

This post first appeared on Risk Management Monitor. Read the original article. Ransomware attacks constituted the greatest cybercrime danger in 2016 as the volume and value of attacks rose sharply, according to a new report from internet security firm Symantec. “Attackers have honed and perfected the ransomware business model, using strong encryption, anonymous Bitcoin payments, (more…)

Total Cost of Risk Drops for Third Straight Year, RIMS Finds

This post first appeared on Risk Management Monitor. Read the original article. Despite the challenges of a slowed economy in an election year, a shifting risk landscape as a result of technological advances, and a slow to negative growth rate in some sectors, 2016 saw the total cost of risk (TCOR) decline for the third consecutive year, (more…)

Risk Uprising: Navigating Today’s Political Turmoil

This post first appeared on Risk Management Magazine. Read the original article. In March 2016, the Economist Intelligence Unit rated the possibility of a Donald Trump presidency as one of the top 10 risks facing the world—riskier even than the U.K. leaving the European Union, and just as unlikely. Judging impact and probability on a (more…)

The Importance of Financial Disaster Preparedness

This post first appeared on Risk Management Magazine. Read the original article. Containment of financial loss, regardless of its cause, is a key goal of virtually every organization’s risk strategy, providing a compass for many of the actions taken to avoid, mitigate, transfer and retain risks enterprise-wide. Yet catastrophic events too often result in losses (more…)

Risk-Based Approaches to Cybersecurity

This post first appeared on Risk Management Magazine. Read the original article. There has been tremendous progress in the cybersecurity discipline in terms of defining strategy by outcomes rather than the methods used. This is especially apparent in the financial services industry, where frameworks such as CBEST and FFIEC encourage practitioners to not only think (more…)