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Responsible organizations place security high on the priority list. Physical security has always been a concern and is well handled by those savvy enough to retain companies like Allied Universal to give them an across-the-board comfort level. With cyber security, however, companies are playing catch-up, with serious consequences down the road.
Take the increasing risks arising from the Internet of Things, or IoT, which refers to the connecting of any device to the Internet for the purpose of transferring information or automating processes. IoT can include lighting, security systems, HVAC, cell phones and their many apps, parking, utilities, scheduling programs, and digital storage. While these connections can offer a welcome increase in productivity and convenience, the cautionary concern is that too often these installations are being made with little or no understanding of the cyber-related exposures. They open an organization’s most precious assets to potential intrusion and theft. Security is one of the biggest issues associated with IoT.
One concern is the increasing use of ransomware. This is a form of extortion in which criminals access your systems, often through the connectivity of the IoT, encrypt your files, and demand a payment for the release of your files so you can use them again. The possibilities for this kind of hi-tech threat are almost limitless.
Organizational leaders are beginning to realize that cyber exposures affect their companies across the board. Addressing these exposures involves IT, human resources with its trove of personnel information, legal, risk management and executive operations. The only effective way to combat these exposures is with a multi-disciplinary team acting in the best interest of the entire company, and with the same level of urgency given to physical security. One department cannot do it all, and budget battles over combatting cyber threats are counterproductive.
You can read more about these emerging threats in Good News and A Caution About the Internet of Things.
About the Author
Ned Dunham is of counsel to Kleinbard LLC and a member of its litigation department. He practices in the areas of insurance coverage, commercial litigation, and risk exposure management, with a specialization in cyber-risk management. Ned can be reached at edunham@kleinbard.com or 267.443.4109.
