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Volume 30, Issue 1

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Friday, 13 June 2014 14:16

Risk Managers Consider Responses to Emerging Risks

Risk managers’ focus on the seemingly unlimited array of cyber threats to their organizations is steadily growing. The 2014 BDO Technology RiskFactor Report, for instance, which analyzes SEC 10-K filings and other data from the largest publicly traded U.S. technology companies, found that “breaches of technology security or privacy” ranks at number seven in the top 25 risk factors cited by these 100 companies. Ninety-one percent of companies cited the risk this year, compared to 57 percent in 2011.

No doubt, those sorts of numbers won’t really surprise anyone, but they do raise questions. In particular, what will be done about these concerns? Tracking the trends surrounding the attitudes of risk managers, those cybersecurity risks, and other major risks, has been the goal of the Emerging Risks Survey for the last seven years. It’s produced by The Casualty Actuarial Society, Canadian Institute of Actuaries, and the Society of Actuaries' Joint Risk Management Section, and after the 2014 results were released, I asked the report’s author, Max Rudolph, about some of the results around cybersecurity risks and what risk managers plan to do about them.