Comprehensive Overview of Cyber Risk Management and Cyber Insurance Strategies
This content provides insights into Cyber Risk Management and Cyber Insurance, emphasizing the importance of adopting a risk-based strategy. It covers elements such as identifying scenarios, defining impact, evaluating insurance positions, and mitigating costs. The integrated approach towards continuous improvement in information security, along with key aspects like governance, data classification, threat intelligence, and incident response, is highlighted. The placement strategy for managing risks, tolerance levels, budget considerations, coverage scope, and contractual requirements are also discussed.
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Presentation Transcript
Cyber Risk & Cyber Insurance - Overview
Cyber Risk Management | Adopting a Risk-Based Cyber Insurance Strategy Transfer Quantify Respond Assess Helping clients optimise the total cost of risk associated with cyber exposures Holistic integration with Enterprise Risk Management (ERM) framework: appetite, financing, and insurance Includes harmonized input from Compliance, Legal, Finance, HR, BUs, Internal Audit + Cybersecurity and IT
The "integrated" path towards continuous improvement of information security Strategy ISMS Training and awareness Governance and processes Asset evaluation and data classification Policy Reporting Threat intelligence Vulnerability Management Penetration Test Ecc. Identity and access management Access review Segregation of duties Ecc. Cyber GDPR Data privacy management Data privacy governance Security Monitoring Incident Response e Data Breach MGMT Network & host security Business Continuity Management & DR Change Management Cloud Protection IOT cybersecurity Security Awareness Cyber Risk Management Cybersecurity Management
Elements aimed at mitigating the cost of the insurance policy
Adopting a Risk-Based Cyber Insurance Strategy Identify Scenarios Define Impact Evaluate Insurance Position
Placement Strategy Risk Maximum Probable Loss Tolerance Peer Purchasing Data Budget Scope of Coverage / Control Contractual Requirements Optimal Programme Market Limitations Insurable Risks
