Rising ransomware activity and increased global data breach costs have significantly impacted the cyber insurance market. Another major concern is the growing IT asset disposition (ITAD) and secure shipping industry, which creates data breach risks due to incorrectly disposed, or resold electronics often containing private or confidential information. Explicit policies for ITAD, understanding where data is located, maintaining asset inventory and adhering to data privacy regulations are recommended precautions when handling legacy IT assets.
Third-party risk management is crucial for businesses as they increasingly rely on outsourced services, making them vulnerable to data breaches and compliance violations. According to