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Randall Davis

Randall Davis

When asked to share a professional passion, Randall responds without hesitation: “Getting to the truth,” “Solving difficult problems,” “Teaming with smart people,” and “Challenging the corporate status quo.” Randall joined Risk International in 2002 and oversees its risk management practice. He’s smart and serious when it comes to risk strategy, insurance program optimization, quantitative modeling, competitive and organizational dynamics, business continuity planning, and enterprise risk management (ERM). And he’s rock-solid when it comes to delivering value to clients, having achieved an average return on investment of more than 1200% for them.

Randall Davis

As companies continue to seek technological solutions that allow them to conduct business quicker and more efficiently, cyber crime will continue to increase. There is simply no avoiding the risk of cyber crime in this day and age. Instead of reacting to incidents of cyber crime, organizations must take a proactive stance now to mitigate the risk of catastrophe.

Cyber Criminals Seek Soft Targets
There is a perception in the business community that industries other than retail, banks or healthcare do not have to worry about becoming victims of cyber crime. Because traditionally-exposed industries regularly deal with consumer information such as credit cards and sensitive medical records, industries that don’t have these exposures believe they are unlikely targets. This could not be further from the truth.

Cyber criminals are starting to look for industries, such as manufacturers, that are soft targets, and attack those companies’ systems, often just to show that they can. Manufacturers and industries that usually don’t have significant consumer information believe that the worst that can happen is that cyber criminals expose their employment data, which for most companies is highly protected and is not as large of a target as retail credit card data for example.

What companies fail to realize is that increasingly, their intellectual property and critical production systems are targeted, and if such information is leaked, it can quickly shut down a business.

Companies Linked in the Cloud
Many more manufacturing companies are linking their production systems. For example, when a company’s inventory gets to a certain level, the orders are automatically placed to a supplier for new raw materials. Many of these new linking systems are cloud-based, making their work more efficient, but exposing them to cyber crime.

Enterprise Risk Management an Emerging Trend
Enterprise risk management is an emerging board-level process where companies can identify, monitor and manage all material risk to an organization—any risks that would keep a company from achieving its goals. In the past, cyber and information security risk has been in its own silo, but today, the trend is to integrate cyber risk into an overall enterprise risk program.

Business Continuity and Disaster Recovery Converge
Disaster recovery has been the traditional IT response to cyber risk, but a broader business continuity program has started to converge with IT. Increasingly, if technology is compromised, then so is the life of the entire company.

Government Can Provide Resources
The U.S. government has increasingly become more involved in cyber risk management. There are resources that companies can get free of charge through the Department of Homeland Security.