Andrew Barratt, Managing Director, Europe
Last week I presented on risk transfer as a viable risk management option to compliance and security professionals at the Financial Crime Compliance Professionals Conference in London.
As mentioned in one of Rick’s earlier blog entries analyzing the Target kill chain, the communication between business professionals in finance and IT is still out of alignment and this was evident again from comments made by the community.
My presentation focused on the way in which Cyber underwriters are assessing the risks from their assured base and the type of professional assistance they get from Coalfire in order to achieve their goals.
Scott Sayer, European Underwriting Director at CNA Underwriting and I discussed with members of the conference the benefits and challenges of a Cyber market that doesn’t have standardized policies. Standardizing policy allows for a more consistent approach in the market Scott suggested, but acknowledged that the variety of cover in the market allows different underwriters the ability to accept different types of risk giving customers a lot of variety in type of insurance they buy.
A fairly key point in my presentation was - If your underwriter is asking you to disclose very little information as to the effectiveness of your internal security controls, how, can you be sure they fully understand the risk you are transferring to them and therefore the validity of your cover. A number of leading underwriters have vastly increased the level and type of risk assessment they do. This has led to cyber policies that cover anything from physical damage right the way to privacy breaches and the associated disclosure costs in the US.
One of the biggest misconceptions of the day is that Cyber insurers do not want to pay out in the event of incidents, in fact, this is simply not the case. They do however need to keep a balance in their portfolio so that they are not paying out all the time! Many of the significant data breaches reported in the media recently have benefitted from some form of Cyber cover whether this has been to assist with forensic investigation costs or to help cover substantial fraud losses.
Andrew Barratt — Managing Director, Europe
Coalfire started in 2001 with a simple idea – cyber threats are increasing, compliance mandates are getting more complicated, and a well-designed cybersecurity program can help fuel your overall success.
Coalfire helps organizations comply with global financial, government, industry and healthcare mandates while helping build the IT infrastructure and security systems that will protect their business from security breaches and data theft. The company is a leading provider of IT advisory services for security in retail, payments, healthcare, financial services, higher education, hospitality, government and utilities.
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The increased need for cyber security has become a common enterprise priority across the globe. However, industry requirements for effective cyber risk management are as distinct as the individual entities under fire. Enterprises and government organizations need more than an off-the-shelf audit to provide an effective threat assessment. They need industry- and organization-specific insights, tools and processes to protect digital assets and ensure compliance.
Coalfire can help cloud service providers prioritize the cyber risks to the company, and find the right cyber risk management and compliance efforts that keeps customer data secure, and helps differentiate products.
"Success" at a government entity looks different at a commercial organization. Create cybersecurity solutions to support your mission goals with a team that understands your unique requirements.
The financial services industry was built upon security and privacy. As cyber-attacks become more sophisticated, a strong vault and a guard at the door won’t offer any protection against phishing, DDoS attacks and IT infrastructure breaches.
The continuum of care is a concept involving an integrated system of care that guides and tracks patients over time through a comprehensive array of health services spanning all levels of care. Interoperability is the central idea to this care continuum making it possible to have the right information at the right time for the right people to make the right decisions.
Maintaining network and data security in any large organization is a major challenge for information systems departments. However, in the higher education environment, the protection of IT assets and sensitive information must be balanced with the need for ‘openness’ and academic freedom; making this a more difficult and complex task.
When it comes to cyber threats, the hospitality industry is not a friendly place. Hotels and resorts have proven to be a favorite target for cyber criminals who are looking for high transaction volume, large databases and low barriers to entry.
The payments industry is undergoing rapid changes and unfortunately, an increasing risk for data breaches. Cyber criminals are growing increasingly businesslike, and payments leaders need to move quickly to cover their cyber risk.
The global retail industry has become the top target for cyber terrorists, and the impact of this onslaught has been staggering to merchants. To secure the complex IT infrastructure of a retail environment, merchants must embrace enterprise-wide cyber risk management practices that reduces risk, minimizes costs and provides security to their customers and their bottom line.
Private enterprises serving government and state agencies need to be upheld to the same information management practices and standards as the organizations they serve. Coalfire has over 16 years of experience helping companies navigate increasing complex governance and risk standards for public institutions and their IT vendors.
Technology innovations are enabling new methods for corporations and governments to operate and driving changes in consumer behavior. The companies delivering these technology products are facilitating business transformation that provides new operating models, increased efficiency and engagement with consumers as businesses seek a competitive advantage.
Cybersecurity has entered the list of the top five concerns for U.S. electric utilities, and with good reason. According to the Department of Homeland Security, attacks on the utilities industry are rising "at an alarming rate".
Cyber risk management, advisory, technology and compliance services. Manage risk and maximize return on investment to prevent data breaches and theft. Coalfire’s solutions are led by a team of industry experts that help enterprise organizations understand a wide range of compliance and risk management initiatives, which enables a consistent cybersecurity framework across the organization.
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