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10th July 2019
Pro Global launches its unique Cyber Audit Practice, developed to support the insurance industry’s response to cyber risk
Pro Global Holdings has announced the launch of its unique Cyber Audit Practice, developed to support the insurance industry’s response to cyber risk.
The increasing sophistication of cyber criminals, frequency of major cyber attacks and the greater regulatory emphasis on data protection can make it challenging for insurers to understand their underwriting exposure when pricing cyber risks.
Headed by Pro Global Global head of Infosec Richard Robertson, and launched in partnership with cyber and information security services experts Cyber Security Associates(CSA), Pro’s Cyber Audit Practice will utilise CSA’s Security Intelligence and Operations. This provides 24/7 automated technical monitoring and extended office working hours for access to cyber analysts.
Further Cyber Audit Practice services include:
-Cyber claims handling
-User awareness training
-Emerging threat discovery & development of preventative measures
-Defining & implementing processes in accordance with legal/regulatory requirements
-Calculation of business interruption losses
-Physical security assessment
-Managed security service provider.
Robertson comments “Cyber risks are frequent, severe and systemic-a trio of significant and evolving challenges for the insurance industry to respond to.
Through the launch of our Cyber Risk Practice, we are directly addressing demand for more comprehensive audit services, and firmly believe that through implementation of a ‘no stone unturned’ approach combining current best practices with mitigating controls, insurers can reduce exposure to both major incidents and minor cyber crime.
I’m delighted to partner with David and the expert CSA team for this initiative. From supporting a greater understanding of underwriting evolving cyber risks, to strategies for protecting policyholders from a cyber breach, we provide deep insight and solutions that go above and beyond the general audit snapshot of a business’ cyber security that are currently used.
Pro’s Cyber Audit Practice is truly unique. As well as partnering with CSA to provide 24/7 monitoring of a business’ systems to identify potential attacks, we have (re)insurance SMEs and cyber security experts who can work collaboratively with insurers to provide the only shared knowledge solution by a UK company.”
CSA director David Woodfine added “Through significant experience with the changing nature of cyber threat, I’ve seen that those businesses that are proactive in tackling and reducing cyber risk stand the best chance of mitigating the chance of an effective breach, and of the damage should a breach occur.
But cyber security risks are constantly evolving, making it easy for a business to fall behind. Without an awareness of the technology necessary to protect against cyber attack and protect a businesses’ digital footprint, there is increased risk to the business.
On top of this, the implementation of GDPR means it is even more important to ensure data is correctly stored, handled and protected. Effective management of a business’ cyber exposure can reduce reputational harm risk and minimise potential for financial sanctions.
The biggest vulnerability for a business is poor education, training and preparation. I am delighted to be working with the innovative team at Pro Global to offer what I believe is the most comprehensive cyber audit solution available.”
Pro Global Trends(5 articles)
Cyber Trends(mentioned in 813 articles in Insurance Newslink)