Cyber Risk Assessment
More and more businesses are reliant on online services. Having a digital presence exposes every business of every size and in every sector to multiple cyber threats. A data breach or cyber attack might cause business and reputational damage, as well as regulatory and compliance issues.
A new report from Business Insider Intelligence forecasts there will be 34 billion devices connected to the Internet by 2020. Think about: smart cars, fridges, thermostats, TVs, alarm systems and more. Simply put, this is the concept of connecting any device with an on and off switch to the Internet.
Cyber risk is now a major threat to businesses.
So what does it mean to insurance companies? How can an underwriter consider a business’ third-party interruption risk and accurately price a cyber policy given the limited historical data and dynamic nature of cyber risk?
Cyber risk is much more than just hacking and it involves internal and external risks, product risk, third-party risk and aggregations risk, such as service provider and supplier failure, human errors, software obsolescence, and upstream internet and network interruptions.
With CYBER CHECK powered by KYND™, you can quickly understand the risk exposure of prospective and existing business clients:
- Cyber Check performs immediate screening and provides a report detailing any company’s cyber risk exposure.
- The service is quick and easy to use and IT expertise is not required.
- The system is non-invasive, requiring only the company domain name and responses to a short set of questions in order to perform the cyber risk screening.
- The intuitive report is delivered using the universal traffic light system, ‘red, amber, green’, to indicate risk severity.
CRIF has recently enriched its risk management solutions with CYBER CHECK, a product powered by KYND, to help businesses understand their cyber risks and mitigate them. CRIF is a major investor of KYND, a pioneering cyber risk management company headquartered in London and founded in February 2018.
White Papers on Cyber Risk
Cyber risk continues to evolve at speed, but as a relatively new risk there is very little data available to build defences against emerging trends (intellectual property, IoT).
What are some of the new emerging threats to UK businesses?
The recent SME Insurance Risk Survey commissioned by Crif Decision Solutions in partnership with Post has revealed some surprising findings. It would appear that many insurance providers and brokers are not equipped to accurately assess and subsequently price small to medium-sized enterprise cyber risk.