Cyber crime is quickly becoming the number one threat to business in the 21st century. According to Insurance Journal, a recent survey conducted by The Risk Management Society (RIMS) cites the top three first party cyber exposures as: reputational harm, business interruption, and data breach response/notification costs.
The insurance industry has been quick to respond to these evolving threats by continuously innovating new coverages to help mitigate any financial burden once a cyber loss occurs. However, some damage, such as reputational harm to a business, can be irreparable, as the transfer of risk via insurance can only go so far when it comes to these “intangible” types of losses. Recent high profile examples of catastrophic data breaches, such as Ashley Madison, Home Depot, and Sony Pictures highlight the need to focus on cyber risk management and prevention.
The Hull Group has recently partnered with Watsec Cyber Risk Management to offer a comprehensive and practical cyber risk reduction solution: TUF. TUF is not an IT solution, but rather a senior leadership solution designed to provide clear insight into an organization’s true cyber risk exposure and the effectiveness of its teams’ efforts to reduce this critical business risk. The TUF program has three different options: TUF for Small Business, TUF Standard Plan for Business, and Customized TUF for Higher Risk Clients. All TUF plans include:
- Access to Watsec’s cyber risk awareness online module
- Vulnerability Assessment of network connections exposed to the public internet
- High level network focused security assessment
- Cyber Resilience Roadmap & Review of critical security policies
- Secure access to Watsec’s client portal for your reports and results
- Quarterly consultation with Watsec’s security specialists
- Quarterly Executive Summary Report (QESR) and review with their executive team
TUF cyber risk reduction plans are designed to complement any cyber risk insurance policy already in place. For more information on “getting TUF” and exclusive discounts offered to Hull Group clients, contact one of our Commercial Risk experts today.