Cyber threats: They’re not just high-tech anymore.
Threat actors increasingly seek entry into organizations that no firewall, double encryption or strong password can bar. That’s why FM Global designed a tool to help identify exposure across three key business areas (physical security, information security and industrial control systems) to develop clear, actionable steps that mitigate cyber risk and avoid business interruption.
That tool, FM Global’s patented Cyber Risk Assessment—the insurance industry’s first comprehensive cyber readiness assessment—has won the Cyber Security Product of the Year Award from CIR (Continuity Insurance & Risk) Magazine. The assessment helps FM Global clients measure their overall cyber security resilience, considering inherent cyber risk, mitigating security controls and ability to respond to and recover from a cyber incident.
“There is a very real physical property component that businesses need to consider.”Andrew Bryson, FM Global operations senior vice president and manager, London operations
According to CIR, its award recognizes “those individuals, organizations and teams that have significantly added to the understanding and practice of risk management.” Award winners are selected by an independent judging panel of risk management and insurance experts.
“Many people think of cyber risk solely as theft of information, but there is a very real physical property component that businesses need to consider,” says FM Global’s Operations Senior Vice President and Manager of London Operations Andrew Bryson. “The FM Global Cyber Risk Assessment and its patented algorithm provide an accurate evaluation of an organization’s cyber risk exposure.
“The Cyber Risk Assessment is coupled with the development of practical recommendations for continuous risk improvement, building resilience and protecting business revenue, reputation, market share and ultimately, viability. The Assessment uses a research-based approach informed by FM Global’s loss history, supported by the fundamental belief that the majority of cyber loss is preventable.”
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