LONDON, UK—FM Global, one of the world’s largest commercial property insurers, has won the ‘Cyber Security Product of the Year’ award from CIR (Continuity Insurance and Risk) magazine for the second year in a row, with this year’s award for its Industrial Control Systems Evaluation. The evaluation is an enhancement to FM Global’s Cyber Risk Assessment, the insurance industry’s first comprehensive cyber readiness assessment which helps FM Global clients gain an informed picture of their cyber security resilience by clearly showing exposures across three key business areas: physical security, information security and industrial control and building automation systems.
According to the magazine, the awards “celebrate excellence in the field of risk management… recognizing the best people, products and programs in the sector.” Award winners are selected by an independent judging panel of risk management and insurance experts.
“Often new threats arise when technological advancements occur, and the increasing business use of industrial control systems (ICS) and automated machinery is a good example,” said Andrew Bryson, operations senior vice president and manager for the company’s London operations. “As these systems, ranging from relatively simple building automation improvements to some of the most complex manufacturing systems currently available, become more interconnected and in certain cases connected to the internet and the wider digital ecosystem, their exposure to cyber attacks is increasing.”
The FM Global Industrial Control Systems Evaluation provides a comprehensive, engineering-based assessment of an organization’s ICS, providing insight and recommendations to help ensure that computer malfunctions, operator errors or cyber attacks do not cause devastating equipment failure or interrupt business operations.”
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 most 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.