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Legal and Compliance: For many industries, having a crisis management plan can be a legal or insurance-mandated necessity. Key Components of an Effective Plan Risk Assessment: Identifying and evaluating potential crisis scenarios. Communication Strategy: Ensuring clear, timely communication internally and externally.
Spill-over to other businesses is more likely with cyber conflict, however, particularly given Russia is one of the most advanced and aggressive nation-state cyber threat actors —remember the crippling global attack known as NotPetya that upended supply chains in 2017 resulted from a Russian cyberattack on Ukraine. Check it out here: [link].
percentage points from January 2017 to January 2022.” Ability to Procure Cyber Insurance. According to an article in Insurance Business America , the cyber insurance market started to harden in 2020 after a surge in ransomware events.
Research firm Gartner, which coined the term “integrated risk management” in 2017, claims that GRC focuses narrowly on regulatory compliance, while IRM has a more expansive, risk-oriented view. ” It introduced the term as part of its “ Magic Quadrant ,” evaluating service vendors that provide IRM solutions.
These disasters also resulted in the deaths of at least 688 people, the most since 2017. For instance, part of any plan for continuity is insurance. If a Chinese supplier doesn’t have insurance and is wiped out by a weather disaster such as the flooding in the Henan province in 2021 that killed 302 and cost $16.5
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