Cyber Risk Management and Insurance

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Cybersecurity is more than a technology risk for your IT department to handle. Cybersecurity challenges are multifaceted, impacting people, capital and technology. Our integrated approach to cyber risk management provides a comprehensive strategy to protect your business. From assessing vulnerabilities to providing custom insurance solutions, we're dedicated to enhancing your cyber resilience.

The cyber risk landscape

History has proven that a cyber incident can affect your whole organization, compromise your operations and cost millions. It can also have far-reaching consequences that affect your reputation and brand long after the breach is resolved

In today's digital landscape, you face a multitude of cyber threats that can disrupt operations, compromise sensitive data and damage reputation. From phishing attacks to ransomware, the risks are diverse and evolving. This is due to:

Increasing reliance on technology

Digitalization has increased dependency on technology and data, amplifying cyber risk exposure.

Geopolitical uncertainty

This has escalated the frequency and severity of ransomware attacks across all sectors.

Data privacy regulation compliance

With organizations holding vast amounts of personal data, compliance with data privacy laws is vital.

Board governance

Cybersecurity is a critical board agenda item, requiring enhanced strategic oversight.

Supply chain requirements

Evidence of risk management standards and is increasingly a requirement from partners and customers.

Our three-step approach to cyber security

We're not just another cyber risk and insurance provider. We're a trusted partner in securing your digital assets, with comprehensive cyber resilience and insurance solutions designed to protect your financial interests.

We understand the challenges you face when it comes to managing cyber risk. Whether it's navigating complex regulatory requirements or dealing with limited resources, we're here to help.

Our three-step integrated, holistic approach to cyber risk management can help you identify, manage and improve your organization’s resiliency to a cyber event.

01

Assess

Our approach begins with a comprehensive assessment of your current cybersecurity posture. From there, we work closely with your team to develop a customized strategy that addresses your vulnerabilities and aligns with your business goals. Our proven tools help identify and analyze critical cyber risks across your entire enterprise. We pay particular attention to personnel vulnerabilities, cybersecurity controls, operational risk and incident response preparedness. Some of these key services include:
- Tailored cyber risk assessment
- Operational risk review
- Incident preparedness and response
- Indigo Vault
02

Quantify

Your organization is unique, and so are its cybersecurity exposures. Off-the-shelf calculations won't cut it in today's complex threat landscape. That's why we’ve created specialist diagnostic tools that incorporate proprietary cyber incident data, with advanced analytics to help you quantify, inform and mitigate cyber risk exposures:
- WTW proprietary tool - Cyber Quantified
03

Protect

With our tailored solutions and integrated cyber insurance options, you get precisely what you need to protect your business. Our team of global risk advisors, consultants and insurance specialists are on hand to equip you with the knowledge, expertise and tools needed to secure your digital future, including:
- Insurance advisory, broking and placement
- Claims advocacy
- Incident support
- Post-incident review and analysis

FAQs

What is cyber risk insurance?

Cyber risk insurance is a type of insurance designed to protect businesses from the financial losses associated with cyber incidents such as data breaches, cyberattacks and other security threats. This insurance covers the costs of recovery, legal fees, business interruption, liability to third parties and other expenses incurred as a result of a cyber incident.

What is cyber risk insurance?

Cyber risk insurance is a type of insurance designed to protect businesses from the financial losses associated with cyber incidents such as data breaches, cyberattacks and other security threats. This insurance covers the costs of recovery, legal fees, compensation and other expenses incurred as a result of a cyber incident.

Why does my business need cyber risk insurance?

Every business that uses digital technology and collects data is vulnerable to cyber threats. Cyber risk insurance helps mitigate the financial impact of these threats, helping your business recover quickly from data breaches, system disruptions and cyberattacks without significant financial strain.

What does cyber risk insurance typically cover?

Cyber risk insurance policies can vary, but they typically cover:

Data breach costs: Expenses related to managing a data breach, such as investigation, data recovery, notification and credit monitoring services.
Network security and privacy liability: Indemnity and defence costs for third party claims following a security failure or privacy breach.
Legal fees and fines: Costs associated with legal claims and regulatory fines due to cyber incidents (where insurable).
Business/ network interruption: Loss of income and expenses resulting from a cyber event that disrupts your operations.
Cyber extortion: Payments and negotiation services in the event of a ransomware attack.

How can I choose the right cyber risk insurance for my business?

Choosing the right cyber risk insurance involves:

Assessing your risks: Understand the specific cyber threats your business faces.
Comparing policies: Look for coverage that matches your risk profile and includes necessary protections for your industry.
Consulting with experts: Work with cyber insurance specialists who can provide insights and tailor a policy to your needs.

How does the claims process work for cyber risk insurance?

In the event of a cyber incident, you should notify your insurer immediately. The claims process typically involves:

Initial assessment: An expert team will assess the extent of the damage and determine the appropriate response.
Investigation and recovery: Specialists may work to recover lost data and secure your systems from further attacks.
Claim resolution: Your insurer will evaluate the covered losses and provide compensation based on your policy terms.

Can I reduce my cyber risk insurance costs?

Businesses who implement the following measures often secure the most competitive terms from insurers:

Implementing strong security measures: Adopt robust cybersecurity practices to lower your risk profile.
Regular training: Educate your employees on cybersecurity awareness and protocols.
Risk assessments: Conduct regular risk assessments to find and mitigate vulnerabilities.

Contact the WTW Cyber Risk Management and Insurance team

Join the many businesses who have chosen WTW as their trusted partner in cyber risk management. Contact us today to learn more about how we can help protect your organization from cyber threats and ensure your cyber resilience in an increasingly digital world.

Together, we can navigate the complexities of cyber risk management and safeguard your organization's future.

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Cyber Risk Management and Insurance

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