3/31/2014

What are your top risk concerns?

Westport Insurance Corp's Steve Henning is one of five who answers this month's question.

By Bevrlee J. Lips

“Companies are being forced to go to great lengths to ensure their data is secure. This is a major drain of resources that could or should be deployed in more productive growth opportunities.”

1. Steve Henning, Vice President, Westport Insurance Corp. CLM Fellow since 2009.

“Among my top risk concerns are crisis-management planning and business and IT continuity management. Events such as hurricanes, IT outages, and food safety issues all impact reputation and expenses. In an ever-changing business climate, you must plan well and be prepared to handle the worst.”

2. Libby Christman, Vice President, Risk Management, Ahold USA. CLM Fellow since 2009.

“I consider cyber liability and related threats to be the single greatest risk to insurers and businesses alike. The risk is both internal and external, and the exposures—many of which are very large—are challenging to quantify, underwrite, and manage.”

3. Robert Horst, Partner, Curtin & Heefner LLP. CLM Member since 2010.

“For the real-estate industry, it’s all about TRIA’s renewal. The end of the year will be here before you know it. After years of knowing its expiration is near, it will come down to the wire again.”

4. Lori Seidenberg, Senior Vice President, Enterprise Risk Management, Centerline Capital Group. CLM Fellow since 2009.

“I think it is universal that risk professionals are addressing and readdressing their cyber exposures. As fast as organizations develop new strategies for protecting data, cyber predators are unleashing new tactics for gaining access to confidential information.”

5. Carolyn Snow, RIMS 2014 President and Director of Risk Management, Humana Inc.

 

$1.1 Billion

The top-line estimate of the cost of the 2013 Target breach, which affected up to 110 million customers.
Source: Reuters

35%

Percent of data breaches caused by employees. (37% malicious attack, 29% system glitches.)
Source: Symantec/Ponemon Institute

12/31/14

Date that the Terrorism Risk Insurance Act (TRIA) will sunset.
Source: U.S. Department of the Treasury

$300K

The average cost of a single, successful cyberattack.
Source: IBM

67%

Percent of companies that require supply chain partners to match their IT risk control level for data theft/cybercrime.
Source: IBM



Bevrlee J. Lips was managing editor of Claims Management magazine (now CLM Magazine) from January 2012 until March 2017.

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