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Commercial Property Insurer FM Global Earns Patent for Its Cyber Security Risk Assessment

Even with an attack, no business should be caught off guard

JOHNSTON, R.I., USA—Exactly how vulnerable is your business to a cyber attack? Every business deserves to know how ready they are. That’s why FM Global, one of the world’s largest commercial and industrial property insurers, is creating the insurance industry’s first comprehensive cyber readiness assessment for clients’ businesses, and has just secured a patent for the innovation.

The online, interactive assessment will be launched later this month. Clients’ answers will reveal detailed information about their cyber security risk posture, including the maturity of their governance, IT security, insider threat management, and response-and-recovery capabilities.

The cyber risk assessment is one of several key initiatives driven by FM Global’s dedicated cyber hazards team, which has recruited experienced cyber security executives from defense and business. As with natural hazards and fire, a cyber attack can harm a business’s revenue, reputation, market share and ultimate viability. Disruptions, however, are generally preventable, and clients can improve their resilience by working with their insurer.

Since 2001, the FM Global Advantage® all-risk policy has covered damage to data whether from a fire or malware, as well as business interruption from a covered cyberattack. In 2016, the company expanded its coverage to include interruption of data services, such as those resulting from cloud computing.

 

About FM Global

Established nearly 200 years ago, FM Global is a mutual insurance company whose capital, scientific research capability and engineering expertise are solely dedicated to property risk management and the resilience of its client-owners. These owners, who share the belief that the majority of property loss is preventable, represent many of the world’s largest organizations, including one of every three Fortune 1000 companies. They work with FM Global to better understand the hazards that can impact their business continuity in order to make cost-effective risk management decisions, combining property loss prevention with insurance protection.
 

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Categories: Cyber Risk