By Joshua Gold
Top Tech News

Developing a smart data security protocol will not eliminate the risk posed by unauthorized access to private or sensitive data, but it should at least reduce it. And when the data genie does escape the bottle, risk transfer in the form of insurance coverage can hopefully soften the financial blow.

Risk managers should be working in tandem with their IT departments and in-house attorneys to protect data that is both created by the business or is entrusted to it by outside entities and individuals. One of the starting points is developing a data security protocol that establishes clear directives regarding the handling of and access to information within the organization. An important step in the process is to inventory the information possessed and determine its sensitivity. Certain categories of information call out for heightened protection, including: health information, personally identifying information of customers and employees, certain types of nonpublic financial information, trade secrets, customer lists and business processes that yield competitive advantages.

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