General Insurance Article - Zurich to protect against ‘dark side of interconnectivity’

 Leading insurer Zurich is launching a comprehensive study into security and privacy risks to help businesses protect themselves from data and privacy breaches.

 In an increasingly interconnected environment, organisations are dangerously exposed to such breaches - labelled by the World Economic Forum as 'the dark side of interconnectivity.'

 This has been demonstrated by a dramatic increase in reported data breaches and an associated spike in policy claims, with 340 data protection breaches reported impacting a total of 22 million records in the US alone in 2011*.

 In response, Zurich is inviting risk managers to contribute to the new study by filling out a questionnaire at The deadline for contributions is Friday 7 September.

 The study is being carried out in association with the Federation of European Risk Management Associations (FERMA) and the Harvard Business Review Analytic Services. It will help the risk management community to:

 •? ? ? ? Gain a greater understanding of how the risk management community as a whole views information security and privacy risk, from its significance within organizations to effective mitigation processes and the financial implications;
 •? ? ? ? Learn what processes and actions that other organizations are implementing to predict and prevent information security breaches from occurring;
 •? ? ? ? Benchmark their knowledge and views on information security and privacy against those of their peers.

 The study will focus on issues of responsibility within the organization, primary areas of concern, levels of commitment to tackling these risks by senior management, employee training and the existence of an incident response plan.

 Steve Wilson, Chief Risk Officer for General Insurance at Zurich Insurance Group said:

 “With an average cost to investigate and respond to a data breach being over USD 5 million**, businesses cannot afford to be unprepared when it comes to security and privacy risks.

 “The Online Trust Alliance is already calling 2012 ‘the year of the breach’ *** so the risk management community needs to be much better equipped to tackle this issue. The findings of the survey will provide risk managers with important insights into this critical issue and help deepen Zurich’s understanding of how we can tailor our security and privacy solutions to better meet the needs of our customers”.

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