CYBER RISK

Cyber security and information protection can be challenging for companies of all sizes. Hackers are not the only threat – today’s businesses rely on the internet for services such as online marketing, administrative functions, inventory management, credit card processing, and distribution controls. Any intrusion that disrupts delivery of these services can lead to brand and reputation damage, regulatory scrutiny, stakeholder dissatisfaction, and financial losses.

Marsh can help. We offer a range of risk management and risk transfer solutions that will enable you to assess, manage, and respond effectively to the cyber threats that your organisation faces.

We are regularly asked to contribute our expertise through participation at conferences and through thought leadership. We’ve developed proprietary innovations such as Marsh Cyber Gap, which delivers cover for property damage losses resulting from the hacking of industrial control systems – losses which might otherwise be excluded in the property insurance market. And we constantly evolve with the market – and with your own industry – leveraging our team of cyber experts and noted industry leaders.

For you, Marsh’s cyber leadership means gaining a strategy that is multidimensional and holistic, and that accounts for the entire enterprise: operations, compliance, legal, finance, communications, and the board of directors. We’ll define your risks and design an effective cyber risk management programme to help protect your company.

The Need for a Measured Approach

Digital technologies such as cloud, artificial intelligence, big data, and the Internet of Things are transforming consumer habits and the way businesses operate. Covid-19 has accelerated this progress, creating new and exciting opportunities. However, this increased reliance on technology makes organizations vulnerable to cyber-attacks – from individuals, malicious groups, and state-sponsored attacks. Intellectual property, reputation, personal data, and economic losses are most common when a cyber-attack happens.

In Singapore, The Straits Times reported that S$82million had been lost through the top 10 digital scams in the first half of 2020, double the amount from a year ago. With online scams and major e-commerce breaches making the news recently, businesses are struggling to manage digital infrastructure and cyber defenses. The Singapore Parliament had also recently imposed heavier penalties for data breaches.

While many organizations have responded by spending more on technology solutions to bolster defenses, they have not been able to grapple with the business cost of cyber risks as the scale, frequency, and economic impact of cyber events continue to grow. Understanding exposures and potential financial losses can be complex and challenging for all companies, especially when the approach to managing cybersecurity has been focused on the use of a qualitative framework to track and score vulnerabilities.

Solutions to Help Understand, Measure and Manage Cyber Risk

Marsh Cyber advisory and analytics solutions offer 360-degree cyber risk analysis and rigorous risk impact quantification, to help you understand how cyber risks translate into business risks, and define the potential financial impact on your organization.

Taking a quantitative framework to define cyber risks, we put clear numbers on exposures and calculate estimated financial losses. Our main differentiator is our proprietary models that help to quantify impact from cyber events, such as business interruption and/or data breach, and quantify the likelihood of these events, e.g. the likelihood of a ransomware attack. A successful cyber-attack may lead to a potential loss scenario, including associated losses arising from direct and third party costs.

Cyber risk quantification empowers organizations to make informed decisions about their priorities and residual risks, and in particular provide a business-aligned report to the board and/or shareholders with relevant information and no technical jargon.

MAS Digital Acceleration Grant for Financial Institutions and Fintech Firms

Leverage on the MAS Financial Sector Technology and Innovation Digital Acceleration Grant (DAG) scheme by December 31, 2021. Subject to MAS approval, financial institutions and Fintech firms can save up to 80% on cyber risk quantification solutions.

Speak with a Marsh representative today to learn how you can benefit from the DAG.