Risk managers have plenty on their plates as 2014 begins. Cyber risk is front and center after the recent data breaches experienced by retailers, most notably Target. The possible expiration of the U.S. government's terrorism backstop at the end of this year is another concern.
“This breach at Target, I think, is a wake-up call and should be a wake-up call for individuals as well as organizations,” said Al Gorski, chief risk officer for the Orange County Transportation Authority in Southern California and a board director at RIMS.
Gorski said a 2012 data breach at the South Caroline Department of Revenue “pushed security and privacy risks higher on my list.” He notes that the South Carolina incident also involved a lot of data—it exposed sensitive information from almost 4 million taxpayers and 700,000 businesses.
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Susan Kelly
Susan Kelly is a business journalist who has written for Treasury & Risk, FierceCFO, Global Finance, Financial Week, Bridge News and The Bond Buyer.
