JOHNSTON, R.I., USA—Commercial and industrial property insurer FM Global has won a 2018 Innovation Award from Business Insurance magazine for its Cyber Risk Assessment, the insurance industry’s first comprehensive cyber readiness assessment. The Cyber Risk Assessment, which earned a United States Patent in 2018, helps FM Global clients measure their overall cyber security resilience, taking into account inherent cyber risk, mitigating security controls and ability to respond to and recover from a cyber incident.
The Business Insurance Innovation Awards program recognizes the industry’s best “innovative products and services” as assessed by their end users—professional risk managers from a variety of backgrounds and industries. This year Business Insurance received nearly 70 entries submitted by 45 different organizations. All nominations were assessed by an independent panel of judges.
“Many people think of cyber risk solely as theft of information, but there is a very real physical property component that businesses need to consider,” said Jeff Tilley, FM Global vice president and manager of cyber hazards. “This comprehensive tool assesses the potential impact of cyber risk beyond an IT perspective and provides recommendations to mitigate against that cyber threat with an overall outcome of improved resilience to protect business revenue, reputation, market share and ultimate viability.”
In prior years, FM Global has also been recognized with Business Insurance Innovation Awards for:
- its Global Flood Map, a worldwide view of high-and moderate-hazard flood zones across the globe, meant to more accurately answer the question “Are your locations in or out of potential flood zones?”
- MyRisk®, a one-of-a-kind cloud-based portal that helps risk managers identify and analyze risks as well as evaluate the cost of risk improvement;
- the FM Global Resilience Index, the first data-driven tool and repository that ranks the resilience of 130 countries and territories to business disruptive events;
- the FM Global SimZone, a distinct 12,000-square-foot (1,115-square-meter) training facility for the company’s clients and engineers in Norwood, Massachusetts, USA.
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.