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Combatting and Managing Digital Risk in Your Actuarial Firm

Combatting and Managing Digital Risk in Your Actuarial Firm

There are numerous businesses throughout the world that aid in keeping our society running smoothly and efficiently. While many of these industries are more overt like fire departments and manufacturing companies, there are numerous other types of fields that are not as obvious, yet still just as necessary. One of these fields is the actuarial industry. Understanding what actuaries do is crucial to learning about the business as a whole, and knowing that they deal with measuring and managing risk and uncertainty is essential when discussing the industry. Like many other fields in the 21st century, actuarial firms do much of their business dealings with the Internet and other technologies. Because this field is so highly involved with the web and technology, it is imperative that actuarial firms know how to keep themselves safe from cyber-crime. Malicious hackers often try to break into actuarial firms’ digital files to get ahold of sensitive financial and client-based data. This can be devastating, so it is important to learn how to combat and manage digital risk in your actuarial firm.

Digital Risk in Actuarial Firms

It is essential to protect your actuarial firm from all digital risk in order to maintain an efficient business. Threat actors often attempt to gain access to actuarial firms’ digital files, so it is important to understand what digital risk entails in order to effectively combat it. Digital risk is comprised of attack surface reduction, which includes the protection of your company’s IT infrastructure, defending online brand security, which entails checking for impersonations of your business on social media and other platforms, and data loss detection, which is the process of screening for exposed data. Understanding these three major facets is vital in order to learn how to manage your firm’s digital risk.

What to Do to Manage Digital Risk

Once you comprehend the three main categories of digital risk, it becomes much easier to learn how to deal with these issues and how to defend your actuarial firm from it. There are numerous methods for digital risk management, and in order to ensure that your business is secure, you need to understand the different approaches. The first step includes detecting your company’s crucial business assets, and figuring out what types of sensitive data that threat actors would want to steal from your firm. This will include customer data, financial information, and numerous other facets. Think critically about what types of data hackers would want to access, and then in order to find already exposed data you should monitor unwanted exposure from social media, file-sharing sites, git repositories, the open, deep, and dark web, git repositories, and more. After analyzing and understanding what type of digital risk you have, it is imperative that you set up a tactical mitigation strategy to defend against it. Tactical mitigation strategies include the removal of duplicitous content from websites by examining social media, ISP abuse notifications, and other legal notices that give you the ability to remove this content. Along with a tactical mitigation strategy, it is crucial to utilize an operational mitigation program as well, which will measure and report digital risk for you, enabling you to recognize your full exposure.

Final Thoughts

In the 21st century, like many other industries, actuarial firms have become incredibly intertwined with the Internet, so it is essential to learn how to defend against digital risk. Learning about digital risk and figuring out how to manage it is essential for your business and will ensure that your firm is safe from threats.