Infoprotect UK’s Cyber Risk Assessment Tool: Fortifying cybersecurity to reduce attack risks and claims.

The insurance industry is facing increasing challenges in assessing and pricing cyber risk. The ever-evolving nature of cyber threats, lack of standardised risk assessment methodologies, and difficulty in obtaining complete and accurate data from clients are some of the main challenges. Coupled with the market conditions where we see criminals getting more and more sophisticated and insurers loss ratios taking a hit, it feels like something has got to change. 

But what if there was a way to effortlessly get the same information on every cyber risk you’re presented with, without any added effort? What if we are looking at this the wrong way round? What if there was a process of reducing the chance of attack and reducing the chance of claims? 

That’s where Infoprotect comes in, a game-changing solution for insurers. Using a recent case study, we’ll take you through the process as it happened with the client, broker and insurer.

The Challenge of Uninsurable Businesses

When Brad Fraser, the CEO of Infoprotect UK, was approached by Andrew Watson of Cairn Corporate Limited, to help their client (a large UK motor dealership) obtain cyber insurance which was previously unavailable using their unique risk profiling system, he knew this could be a turning point for the insurance industry. The unique risk profiling system of Infoprotect had a profound impact on the underwriter, opening doors to cyber insurance for the previously uninsured businesses.

The Problem

Motor dealerships, like many businesses, face growing cybersecurity threats and vulnerabilities. Increasing reliance on digital systems critical to the dealership’s operations, finances, and customer trust, the risk of cyberattacks, data breaches, and operational disruptions present real and business-ending threats.

To obtain cyber insurance, the dealership needed to demonstrate its cyber security maturity and that the risks had been identified and removed. Moreover, obtaining cyber insurance at an economical rate was crucial for the dealership to strike a balance between comprehensive coverage and cost-effectiveness. But the lack of a standard approach to assessing an organisation’s cyber risk profile and the unique characteristics of the automotive industry made it difficult to find an insurance policy that met its specific needs.

A Game-Changing Solution for Insurers

Infoprotect have helped smooth the process from risk capture to placement. By taking a more holistic approach, they were able to present a detailed and exact picture of the client’s cyber position, a detailed gap analysis of the dealership’s IT infrastructure, security controls, data protection practices, and potential vulnerabilities. Infoprotect leveraged the FortMesa platform for Cyber Risk Assessments. The Centre for Internet Security, Implementation Group 2 (CIS V8 IG2) framework was selected, further refined using Infoprotect’s Security Profile Plans.

The report was presented back to the client and broker, in full, including a remediation plan for the critically rated risks and a strategic plan to address the medium and low-level risks with a specified timeline.

The cyber risk assessment provided a clear understanding of the dealership’s cyber risk maturity, including the likelihood and potential impact of various threats. By leveraging the findings and recommendations, the insurance broker was able to present an accurate and evidence-based risk profile to potential cyber insurers. This enabled the insurers to assess the dealership’s risk posture more accurately, resulting in competitive premiums and comprehensive coverage tailored to its specific needs.

Successful Conclusion and Comprehensive Cover

The proactive cyber risk assessment allowed the motor dealership to secure comprehensive cyber insurance coverage aligned with its risk profile and business requirements. The insurance policy covers a wide range of cyber risks, including data breaches, ransomware attacks, business interruption, and third-party liabilities. It also includes valuable benefits such as incident response services, cyber forensics, and legal support, enabling the dealership to respond effectively to cyber incidents.

This comprehensive coverage at an economical rate enhanced the motor dealership’s cybersecurity posture, met regulatory requirements, and strengthened customer trust. As a result, the dealership bought twice the cover offered previously on significantly improved terms, and at 60% of the premium. The case study perfectly illustrates the value of a comprehensive cyber risk management strategy, ensuring business resilience in the face of evolving cyber threats.

How Insurers Benefit from the Infoprotect Cyber Risk Assessment Process

Working with Infoprotect can improve insurers’ ability to assess and price cyber risk, ultimately benefiting both themselves and their customers. Infoprotect can help insurers collect more data about the risk consistently, offer more competitive premiums to customers, reduce their exposure to losses from cyber claims, develop a clearer view of where claims will come from, remove reliance on customers understanding what is being asked of them, meet regulatory requirements for cyber risk management and develop risk-based pricing models that take into account the specific risks faced by each business.

To find out more about how Infoprotect UK’s unique risk profiling system can transform the buying journey, making cyber insurance not just accessible but economical, contact Brad Fraser at brad.fraser@infoprotect.co.uk or visit www.infoprotect.uk.