Have you ever thought how cyber risk can be a threat to your organization? Have you ever experienced any kind of IT attack? Cyber risk is not only associated with operational misfunctions, but it can also lead to financial loss and damage to the company reputation. If you are curious about getting more detailed views on how to be prepared for the threats, we are here for you with some professional insight.
MultiLingual recently published an article from Mark Shriner, Strategic Sales Director for memoQ, titled Managing Cyber Risk in Localization.
Appearing in the September-October 2021 issue of MultiLingual, the article provides an overview of the different types of cyber risk and discusses best practices for reducing risk.
While many organizations view cyber risk solely as a risk to their IT infrastructure and data, Mark argues that cyber risk is much broader in scope and includes operational risk, reputational risk, and legal and compliance risk. He then goes on to provide examples of all three types of risk including a business not being able to fulfill customer orders due to a downed IT system, damage to a company’s reputation after a data breach that leads to compromised customer or employee data, and fines incurred from violating regulations such as GDPR and HIPAA.
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It’s important for companies to understand the full nature of cyber risk in order to avoid the all too common practice of siloing responsibility for preventing cyber attacks solely with the IT team. In reality, one of the best ways to reduce cyber risk is to create organizational-wide awareness of the risks and of the best practices for preventing a successful attack.
In his article, Mark introduces best practices related to creating awareness, assigning responsibility, creating a cybersecurity policy, and engaging everyone in an organization to reduce cyber risk. There is also a section that explains how cyber insurance can be used to mitigate cyber risk.
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