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2018 Innovation Awards: The Program for Risk Assessment of Cyber



FM Global
CYBER RISK ASSESSMENT PROGRAM

FM Global's risk assessment program will not only help risk managers to better assess their cyber risk. It will encourage collaboration with its computer engineering departments, "said Jeffrey Tilley, vice president and chief of cybercrises on FM Global.

Use of FM Global's patented tool, a 2018 Business Insurance Innovation Award winner and free to FM Global policyholders, means that you respond to 70 multiple-choice questions.

When the questionnaire ̵

1; which is not used for insurance purposes – has been completed, policyholders immediately receive an overall cyber risk score as well as ratings for their management, insider threats, IT security and response and recovery.

This is followed by a more detailed report. FM Global then reviews the policyholders' results and develops recommendations and priorities that are "consistent with their business priorities," says Tilley.

"Over the years, cyber has evolved as a top level for business executives and it has been acknowledged that it has to be managed as a corporate risk," says Tilley.

"However, Cyber ​​Security has not historically been integrated into risk management," he said, noting FM Global customers demanded this tool. "It is in line with how we support our customers."

"One of the cornerstones is that the majority of all losses are preventable, and even cyber – if you understand the risk – we developed the risk assessment … to do just that, helping our customers understand and manage their cyber risks."

Mr. Tilley said it is important that cybercrisis is managed as a corporate risk and the tool was built to encourage collaboration between the Risk Manager and IT department.

"The tool itself provides the opportunity to collaborate on the input to the assessment, which provides the qualitative risks of cybercrises, and it is a good starting point for a foundation to start talking internally about cybercrisis and how to improve their cyber resilience," he said. 19659003] Mr. Tilley said that policyholders' reaction to their reports has varied from those who are somewhat surprised to "some who say," That's exactly what I expected, and now we'll start working. ""

Mr.. Tilley said he hopes that the tool will be used across FM Global's entire customer base. "I think it will be a healthy share if the uptake has so far been an indication of the future," he said.

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