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April Issue of Risk Management Now Online

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The April issue of Risk Management is now online here. Along with this month’s columns and features, it also includes a special RIMS 2012 Conference & Exhibition Preview.

Included are features covering:

This issue’s columns cover:

If you enjoy what you seen online, you can subscribe to the print edition to enjoy even more content.

Please let us know what you think in the comments below. And stay tuned to the blog for even more coverage in the future. Lastly, you can follow the magazine on Twitter, “like” us on Facebook and join our LinkedIn group.

The Risks of Near Field Communication

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At the RIMS 2012 Annual Conference & Exhibition in Philadelphia, one of the “hot topic” sessions will focus on the risks of near-field communication. Your first question is probably, “what is near field communication?” That is understandable. It is a new, emerging technology that few people know about right now. But many experts believe it will soon change the way consumers pay for good.

In short, it is a radio link established between two electronic devices, usually smartphones, that allow them to communicate when they are tapped together. Right now, the business focus on the technology mostly surround the new method of payment it can enable, as when one person can chip in for their share of the dinner bill by entering in a dollar amount and “crossing streams” with the person who picked up the tab. This, and other payment scenarios, represent one more way — and a convenient way at that — that our society is continuing to move away from using cash to buy stuff.

Here is how the session description describes the related promise and threats.

Now paying the check is as easy as using your phone. But this seemingly time-saving and convenient payment poses many threats. To some, the [near field communication] chips embedded in phones and the supporting technology are viewed as more secure than credit or debit cards, with features such as off-site shutdown if a phone is lost. Opponents argue that nearby readers can hijack personal information from nearby points-of-sale. This session will demonstrate this technology and examine the risks to companies that pursue this technology and how those risks can be managed.

The session takes place in the Philadelphia Convention Center on Wednesday, April 18 at 8:45 am. Be sure to attend to find out more. But for those who cannot get to to Philly, I reached out to Larry Collins, head of eSolutions for Zurich and a presenter at the session, to do a Q&A on the matter.

The upside of near field communication seems obvious — so much so that it seems like one of those technologies that the market will push into widespread use, perhaps before most companies really understand what they’re getting into. What are the major risks that businesses may be exposing themselves to? 

Larry Collins: There are several issues that need to be considered. First is obvious: hackers or eaves droppers can steal vital information. A near field communication device such as a smart phone is basically acting like a two-way radio. It’s creating a “nearby electrical field” that theoretically only an authorized reading device can pick up. The concerns are that if the field broadcasts to strongly or if some one simply walks by you with an active reader as your smartphone is in its holster on your hip, they may be able to pick up the signal.

The second issue is data storage. The technology companies that are helping with these transactions also may be storing some of the data. Anyone who processes or stores this data is subject to the same privacy and security requirements that exist now for the credit card companies. Data privacy and security will be paramount.

Third is the issue of what the data gets used for. People who transact using near field may be assuming that they’re just making use of their credit card information. If you have their phone information or other data about the consumers involved, and want to use if for other marketing purposes, you may need the card owners permission to do so. Risk managers need to review related rules, such as how long you can keep the data and who gets to see it.

How much more difficult is mobile data to protect than, say, corporate servers housed in an office building or other protected location?

Larry Collins: The issue is that mobile data is still a some what new capability. Ultimately the back-end servers are the same infrastructure as traditional servers. It’s the front-end use of smart phones and smart tablets that is new and, as such, it’s this new use that’s of concern. The security exposures there are still somewhat unknown and may ultimately experience a higher level of breach. Stay tuned on that issue.

Are there any insurance options out there for this? Would this fall under cyber-risk policies that exist now? 

Larry Collins: There are several insurance options available for these exposures, although it is important to identify the economic impact for which you are seeking coverage. For instance, an unauthorized party to an NFC-enabled transaction may gain access to either sensitive data (credit card numbers, names, addresses) or they may be able to steal or divert funds. There is risk transfer available for the financial loss elements of both scenarios.

The entity using the NFC technology to offer or enhance their services may incur substantial expenses upon loss of sensitive information, such as the cost of a forensics investigation, notification and provision of call center, credit monitoring. This can also include other fraud remediation services to affected parties, like legal and public relations consultation expenses. The breached entity may even be susceptible to third-party claims and regulatory investigations depending on the circumstances. On the other hand, the breached entity may lose the funds that were to be transferred during the transaction.

Insurance solutions are available for the majority of third party liability and first party expenses, although, it is important to analyze your coverage forms since all of the financial loss elements associated with a breach may not be covered by the same policy.  Risk managers should assess the specific elements of financial or economic loss they are willing to retain versus those they need to transfer.

What advice would you give to companies that are beginning to consider using near field communication technology? 

Larry Collins: The advice we offer is that companies should manage the exposure the same way they manage any other risk management exposure. Near field communications is great technology. However, existing privacy and security regulations — and there are many — apply to this new technology, too. If your company processes this kind of data, you have to maintain the confidentiality, integrity and availability of the data you capture. Make sure that the ultimate owner of the data — the customer themselves — is aware that you have it, that he has given his permission for you to have it, and that you use it as intended.

NFC technology is great — just make sure you’re company is managing the privacy and security exposures properly.

How Strategic Risk Management Improves a Company’s Competitive Standing

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A recent survey of risk experts revealed some familiar findings: economic uncertainty, market volatility, regulatory risk and cybersecurity are among the top threats facing businesses in 2012. But according to responses gathered by PricewaterhouseCoopers, which released the results of its first annual “Risk in Review” two weeks ago, there is another concern with which companies are increasingly concerned: competition.

This certainly does not fall into the “emerging risk” category that so many analysts spend their days brainstorming about. In fact, in a sense, this survival of the fittest threat goes back to the primordial days before human—let alone mercantile—history ever began.

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But it is something that few in this corner of the world discuss in terms of being an actual risk, most likely due to the fact that it isn’t something anyone has considered an issue that risk management could help curtail.
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Until now.

Nearly two-thirds (60%) of the more than 1,000 executives and risk management leaders surveyed believe competition is on the rise, and almost three-quarters (73%) of those who work for technology, information, communications and entertainment companies named increased competition as the most critical risk they face. PwC credits this to falling trade barriers and the proliferation of digital platforms that allow easy market entry for everyone from multinational corporations to startups to a single individual working from hom. And it suggests that strategic risks management is the means to combat this competitive risk.

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“In this new risk era, corporate boards and senior management have a crucial role to play to ensure they set the right culture and align their strategy to risk imperatives,”said Dean Simone, leader of PwC’s risk assurance practice in the United States.

More than just suggesting a solution, PwC offers some advice. The key means to better strategic risk management it lists are elevating the chief risk officer, increasing the board’s involvement, integrating risk management into the decision-making process, and bolstering IT’s ability to inform business leaders (through generating better data quality, reporting, forecasting and scenario analysis).

Combined, this can be overwhelming, but it’s the only way to stay ahead of the Joneses. “Risk management leaders have their work cut out for them,” said Simon.

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IPCC Climate Change Report Highlights Managing the Risks of Extreme Events and Disasters

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The above video highlights the challenges the world will face throughout the rest of the century. Extreme weather, agricultural disruptions and other crises are expected to proliferate as the decades go on and the fallout of rampant carbon dioxide emissions continue to exacerbate climat change.

A recent report from the UN’s Intergovernmental Panel on Climate Change highlights some likely scenarios for the future. When it comes to discussing disasters, there is a variety of scientific consensus on different issues. Many believe, for example, that maximum hurricane wind strength will rise as global sea-surface temperates increase. But when it comes to various means to manage risks climate extremes and disasters, there is “high agreement” on which solutions will work. The following is a list of many ideas expressed in the report.

Multi-hazard risk management approaches provide opportunities to reduce complex and compound hazards (high agreement, robust evidence).
Considering multiple types of hazards reduces the likelihood that risk reduction efforts targeting one type of hazard will increase exposure and vulnerability to other hazards, in the present and future.

Opportunities exist to create synergies in international finance for disaster risk management and adaptation to climate change, but these have not yet been fully realized (high confidence).
International funding for disaster risk reduction remains relatively low as compared to the scale of spending on international humanitarian response. Technology transfer and cooperation to advance disaster risk reduction and climate change adaptation are important. Coordination on technology transfer and cooperation between these two fields has been lacking, which has led to fragmented implementation.

Stronger efforts at the international level do not necessarily lead to substantive and rapid results at the
local level (high confidence).
There is room for improved integration across scales from international to local.

Integration of local knowledge with additional scientific and technical knowledge can improve disaster risk reduction and climate change adaptation (high agreement, robust evidence).
Local populations document their experiences with the changing climate, particularly extreme weather events, in many different ways, and this self-generated knowledge can uncover existing capacity within the community and important current shortcomings. Local participation supports community-based adaptation to benefit management of disaster risk and climate extremes. However, improvements in the availability of human and financial capital and of disaster risk and climate information customized for local stakeholders can enhance community-based adaptation (medium agreement, medium evidence).

Appropriate and timely risk communication is critical for effective adaptation and disaster risk management (high confidence). Explicit characterization of uncertainty and complexity strengthens risk communication. Effective risk communication builds on exchanging, sharing, and integrating knowledge about climate-related risks among all stakeholder groups. Among individual stakeholders and groups, perceptions of risk are driven by psychological and cultural factors, values, and beliefs.

An iterative process of monitoring, research, evaluation, learning, and innovation can reduce disaster risk and promote adaptive management in the context of climate extremes (high agreement, robust evidence).
Adaptation efforts benefit from iterative risk management strategies because of the complexity, uncertainties, and long time frame associated with climate change (high confidence). Addressing knowledge gaps through enhanced observation and research can reduce uncertainty and help in designing effective adaptation and risk management strategies.