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Supply Chain Cyber Security is Rapidly Expanding

by Kaitlin Motley | May 26, 2015
This post was written by Travis Holt, principal at KCnext member Brush Creek Partners. For more information on Brush Creek, click here. 

As clients put more pressure on their vendors to show they have a proactive information security plan, companies in all industries are putting an increased emphasis on risk management, due diligence and cyber liability insurance. 

The legal industry is one of the industries leading the charge. According to Brad Barker, senior vice president of Paragon Brokers, "this has been highlighted this past month with news that a group of law firms are forming a cyber security alliance to allow them to access and share information." 

The cyber security strategy of your company should include assessment of supply-chain (third party service providers) and in-house risk management, accompanied by a cyber liability insurance policy.

Supply-chain risk management is one of the most significant reasons companies are placing more emphasis on cyber security. Michael Kassner of TechRepublic wrote, "many, if not all, of last year's successful data breaches began with attackers compromising a portion of the victim company's supply chain." Because of this, many companies are spending more time discussing cyber security with their vendors. They want to know who has access to their data, how you're protecting it, and if you have insurance to cover the financial impact of a breach.

Although this might seem like a daunting task, there are numerous technology solutions to help manage your technology risk. One software solution is LockPath's Keylight platform, which helps companies transform their practices from reactive to proactive with regard to information security compliance. Businesses of all sizes can use proactive cyber security measures to attract new clients.

No matter what you do to protect sensitive information, you can be breached. As businesses are becoming more aware of this risk, more are purchasing cyber liability insurance. Brad Barker said, "a cyber liability policy further underlines a law firm's assertion that they not only understand but also are taking all available precautions to protect themselves and their clients from an escalating risk to the sensitive information which has been entrusted to their care."

As your company addresses these issues, don't be afraid to ask for help! This is a rapidly evolving and expanding challenge for all firms.

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