Cyber risk headlines are dominated by rising ransomware activity and soaring global data breach costs. The increased ransomware activity, driven largely by threat actor financial motives, has indiscriminately affected all industry segments – from large corporate clients to small to midsize enterprises alike.
As a consequence, the cyber insurance market has witnessed notable changes. Both from a direct and reinsurer viewpoint, we have experienced pared-back coverage, increased pricing per million dollars of cover and limited capacity. While these developments top headlines, it is not the sole exposure point for corporations. A less discussed, but also perilous exposure is the growing IT asset disposition (ITAD) and secure shipping industry, and the associated data breach risks.
All organizations with IT hardware and end-of-life electronic equipment present a data breach risk resulting from incorrectly wiped, disposed of, or resold electronics equipment, which often contain private and/or confidential information.
ITAD and secure shipping refers to the industry around repurposing, recycling, reusing, or disposing of obsolete physical IT assets. Take the example of…
