The Cyber Loop – Aon-seminarium online via webex conference
There is nothing linear about cyber security
Each organization is unique and is at a different place in its digital journey. Thus, each organization will enter the cyber security race at a distinct point. Successfully managing cyber risk demands that organizations persevere and embrace the dynamism of the threat. It requires an understanding of security as an iterative process. Organizations are tasked with constantly assessing and seeking actionable data about the emerging threats on the horizon. In particular, top-level management needs to understand processes around assets and vulnerabilities, balance sheet exposure, and the ability to transfer risk. Most importantly, companies must rapidly respond when an attack occurs.
Tid för eventet:
10 March, starting at 09:00 at webex.com.
The Cyber Loop acknowledges that each organization will start its cyber security journey from ONE of FOUR entry points:
Assessment, quantification, insurance or incident response readiness (IR).
During an assessment, large amounts of data and insight are collected and analyzed within the ecosystem of the Cyber Loop. Critical assets, systems and operations are identified.
In a quantification study, tailored scenarios are built to understand the commercial impact of a cyber incident. This involves locating business-critical technology assets throughout the business value chain, including key suppliers and IT vendors. Financial models using proprietary and leading data analytics are built for all identified cyber risk scenarios, effectively translating these scenarios into financial statement impact. Finally, a quantification study will stress test a company’s insurance strategy and security investment roadmap.
Once engaged in this phase of cyber resilience preparation, companies will find more than one way to transfer and manage quantified cyber risk. Perhaps it does make sense to transfer a portion to the cyber insurance market, but maybe an alternative risk retention, or self-insurance financing strategy, is warranted. The more data a company has acquired by revolving around the Cyber Loop, the more visibility it has to help make sound risk management decisions to help protect the organization against financial loss.
- Incident Response Readiness:
Entering the Cyber Loop at incident response readiness (IR) can be proactive, for example developing a response plan and conducting tabletop exercises in preparation for a likely attack; or reactive, when faced with an urgent need to find, contain and mitigate an incident. For an organization that has been managing cyber risk with a circular strategy, significant value is unlocked during incident response readiness.
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