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Risk Management Recommendations for Small Tech Businesses
Among the many trends Deloitte noted this year was the end of "hacker-proof" businesses. According to the report, no business should consider itself safe from hacking and data breach incidents. Deloitte's recommendations, which are geared toward IT departments and large IT companies, include moving away from a "fire truck" model of dealing with breaches and toward a "smoke detector" model--in other words, proactively identifying and managing risk to prevent incidents whenever possible.
"It's great advice," said Ted Devine, CEO of TechInsurance. "And owners of smaller IT businesses should also be aware that they face significant exposure not just from their own networks but also from their clients' networks." Devine explained that, because of this exposure, small IT businesses, freelancers, and independent contractors need an additional set of action steps to help them meet Deloitte's risk management guidelines and benefit from the company's research.
TechInsurance today published on its blog a list of three risk reduction techniques that the nation's smallest IT businesses can implement to manage the key risks outlined by Deloitte's study. The tips include strategies for responding to 2014's most significant cyber security threats, which include:
-- Too-small budgets for proactive security.
-- A focus on generic risks rather than on the risks most likely to affect
an individual business given its products or services.
-- The emergence of small businesses as primary targets for hackers and
other cyber criminals.
The risk management tips can be read in full on the TechInsurance blog: http://www.techinsurance.com/blog/cyber-liability/2014-cyber-threats/.
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