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Breaking down barriers: What’s stopping risk managers from making use of data?

Risk managers cite a number of challenges in making use of data. We partnered with Airmic and Aon to research and address the challenges faced when managing data analytics in risk management.

Topics: risk management data data security and privacy data management Data Security analytics RiskConsole Advance

5 things your software vendor should be doing to support your company’s data-governance priorities

Data-privacy laws like the General Data Protection Regulation (GDPR) not only require your business to be compliant; they also require your company to ensure that the suppliers and partners who manage your data are compliant as well.

Technology vendors, like Ventiv, are classed as data processors when they hold or have access to your data. It is this classification that means they are subject to data protection rules, just as organizations that collect data are.

Topics: risk management cyber risk Data Security gdpr

The business case for applying GDPR-level data governance across regions

The European Union’s General Data Protection Regulation (GDPR) is upon us, becoming enforceable on May 25, 2018. It’s no exaggeration to say that achieving compliance (as well as being able to demonstrate compliance) requires that companies make a fundamental shift in how they approach data governance. Companies worldwide are struggling with the magnitude and scope of the GDPR; however, those that get data governance right can reap significant benefits.

Topics: risk management cyber risk Data Security gdpr

What should risk, insurance, claims, and safety leaders be doing to prepare for GDPR?

The European Union’s sweeping new privacy law—the General Data Protection Regulation, or GDPR—is the farthest-reaching data privacy law in the world. It becomes enforceable on May 25, 2018.

Topics: risk management cyber risk Data Security gdpr

Now is the time to manage your cyber risk

Over the last several years, the increasing sophistication of cyber attacks has left the risk management industry at something of a loss as to how to keep up. The types of attacks and hacks might continue to change, but businesses are slowly coming to grips with their vulnerabilities and putting cyber risk at the top of the agenda. The challenge now is implementing solutions as part of the risk management plan.

Topics: risk management cyber risk Data Security

Risk managers should have cyber threats like social engineering at the top of their risk register

Cyber threats are consistently catching companies out, meaning organizations must adapt their IT measures and procedures to mitigate the evolving threat. Risk managers should designate cyber threats as one of the top risks to a business and should have relevant controls in place to help manage the threat level.

Topics: Data Security ERM

Ransomware – are you managing the IT risks?

The latest cyber- attack, using ransomware in partnership with a worm, has caused havoc across the globe, with Russia, Spain and the UK thought to be the most affected. Europol estimates there are 200,000 victims in 150 countries, although this figure is likely to rise.

Topics: cyber risk Data Security

No data scientist on staff? 6 alternative sources of data expertise

I saw the following quote last week in one of the daily news feeds I subscribe to:

“We have data science needs all over the place.”
–Progressive Group CIO, Ray Voelker

I think we can agree that Progressive is one very forward-thinking leader in the highly competitive world of personal lines insurance, and that Mr. Voelker is one of its fastest paced leaders. He has tons of data at his fingertips as well as access to formidable resources in what Progressive calls its “Business Innovation Garage,” or BIG, which serves as Progressive’s version of Lockheed Martin’s Skunk Works. These guys KNOW what they’re doing with big data. 

If Progressive, of all companies, has data science needs “all over the place,” what about you and your company? As the risk manager, you have enormous amounts of data that are critical to getting your job done. You have financial data, operational data, claim and claimant data, property data, litigation data and so much more. In effect, you are sitting on a mountain of inestimable value. But how do you tap into that value?

Topics: risk management data management Data Security Policy and Insurance Program Management

We’ll show you ours. Will they show you theirs?

The headline of this post refers, of course, to Ventiv’s renewed HIPAA Security accreditation. I’m proud to announce that on November 1, Ventiv Technology was once again awarded the highest HIPAA Security accreditation: Full HIPAA Security (Business Associate and Covered Entity) Accreditation from URAC, a well-known, highly respected Washington, D.C.-based accrediting organization that establishes quality standards for the health-care industry.

Topics: Data Security Awards and Recognitions

Cyber Risk Management: How Ventiv Utilizes Private Cloud Technology

Cyber risk management has become a growing focus of today's risk managers. Even large and established companies have made the news because of recent data breaches. Besides the serious threat of lost data and business interruption, the news of a data breach can do serious damage to a company's reputation. Taking cyber security for granted could be a very costly mistake for your company.

Topics: cyber risk Data Security