© 2018 CYBERISK CHEK INFO

YOUR FIRST STEP IN CYBER SECURITY 

BREAKING news

YOUR

INSURTECH

SOLUTION

THE PREMIER UNDERWRITING TOOL FOR CYBER INSURANCE

The Cyber Preparedness %age Score offers the following advantages;

Risk Acceptability
A score of less than 50% could produce a declination while a score of 75% or over may result on the allocation of higher limits and perhaps a discounted premium.

Saves Time
The score allows an underwriter to make a quick informed decision without having to read through several pages of cyber questions and answers.

Delegation of Underwriting Authority
A score of 75% or better could be authorized by all underwriters while anything under that may require a more senior person to look at the risk.

A Picture is Worth a Thousand WordsThe cyber preparedness score is to a cyber
underwriter what a photo of the risk would be to a property underwriter.

Increase Dollar Value of Policy
Cyberisk Chek preparedness scoring provides the foundation for qualifying cyber risk. If the %age of risk exceeds the existing policy level/protection then the score can be used to secure the appropriate policy level.

Increase Cyber Underwriting Opportunities
Cyberisk Chek takes the guess work out of underwriting cyber risk. You can confidently qualify candidates and entertain expansion or entry, into the cyber sector.

Company Size & Sensitivity Specific
You can select the appropriate survey by both company size and sensitivity of information & data allowing you to gauge the right assessment at the right time for the right entity.

Action Plan Provided

Every report provides a priority based action plan for client implementation. This provides guidance and a baseline for future comparison.

Cost Effective
An accurate industry standarized risk
assessment can be obtained for a minimal
investment and is scalable by business size and data sensitivity.

A DUTY OF CARE

The duties and obligations of the brokers, agents & financial advisors to their clients include; contractual, tort, and fiduciary. The nature and scope of their duties are governed by the extent to which the client “relies” on the advisor to provide advice. In a situation where the individual or business has a direct risk of cyber attack penetration due to data sensitivity or other factors that may directly affect their ability to earn, it is the duty of the advisor to review options for protection of their assets.


This includes policy selection, level of coverage or financial risk planning.


The Cyberisk Preparedness Score provides a foundation of understanding and an action plan for the client, while ensuring that the requirements from a duty of care standpoint are covered.

BROKERS, AGENTS & FINANCIAL ADVISORS

 

YOUR FIRST STEP

IN CYBER SECURITY

TM

There is currently no tool available for underwriters that allows them to make a quick informed decision on insurance acceptability. Cyberisk Chek is an inexpensive snapshot based on all current industry standards producing our proprietary % cyber preparedness score.

The Cyber Preparedness %age Score offers the following advantages;

Credit Quality Evaluation
The Cyber Preparedness Score provides a
snapshot showing the level of readiness to
a cyber event to help assess a company’s
creditworthiness. Applications include:

 

  • Loan Approval Process

  • Credit Rating Evaluation

  • Internal Audit Process

Risk Assessment
A score of 75% or better indicates a higher
understanding of cyber security protocols while a score under 50% warns that there is increased exposure to cyber risk.

Company Size & Sensitivity Specific

The company size and sensitivity of information & data allows you to gauge the appropriate Cyberisk Chek profile for each client. The percentage preparedness is directly proportional to assumed cyber risk.

Action Plan Provided
Every report provides a priority based action plan for client implementation.

Vendor Management
The Cyberisk Chek analysis provides a clear picture of the cyber threat preparedness of third party vendors and subcontractors that may have a direct influence on the security of the financial institution.

Financial Advisors
The Cyberisk Chek assessment provides a
integral component of the individual/ organization financial stability. Exposure to a cyber threat can have a dramatic effect to the bottom line of any client. Cyberisk Chek provides piece of mind.

YOUR FIRST CHOICE IN QUALIFYING CYBER CREDIT RISK

YOUR

FINTECH

SOLUTION

A cyber event can dramatically impede a company’s ability to conduct business, significantly impacting their creditworthiness. The need to include cyber preparedness in risk management practices has increased significantly. Cyberisk Chek is an effective tool for the financial community to qualify credit risk utlizing
our proprietary Cyber Preparedness %age Score.

 

THE

EMPLOYER

SOLUTION

WE GIVE YOU A PIECE OF MIND

In the last year businesses of all sizes have been hacked and their confidential data compromised. Cyberisk Chek can tell you immediately how vulnerable your business is to cyber-attack and the steps necessary to ensure your business’s safety and long-term viability.

The top three first party cyber exposures risk managers from key cited employers are:

General Small Business Cyber Security Statistics:

60 percent of small companies go out of business within six months of a cyber-attack.
43 percent of cyber-attacks target small business.
14 percent of small businesses rate their ability to mitigate cyber risks, vulnerabilities and
   attacks as highly effective.
48 percent of data security breaches are caused by acts of malicious intent.
   Human error or system failure account for the rest.
55 percent of respondents say their companies have experienced a cyber-attack in the       past 12 months.
50 percent report they had data breaches involving customer and employee information     in the past 12 months.
• Post these incidents, these companies spent an average of $879,582 because of

   damage or theft of IT assets.
• In addition, disruption to normal operations cost an average of $955,429.

{Small Business Trends 2017 Statistics}

As cyber criminals continue to target businesses, owners and employees need to know how to protect both their clients and themselves. Cyberisk Chek is your key to awareness and the first step in developing an action plan to mitigate risk.

Assumed Risk Through Subcontractors & Vendor Management

Even though you may feel you are covered, what about the companies and individuals accessing your databases and organization – are they following the same security guidelines as you are? They pose an inherent risk to your operations, reputation and bottom line. Cyberisk Chek can provide you with the confirmation and assurance that the people you are working with are not going to be a threat to your organization.

 

THE GLOBAL ACCEPTED SOLUTION

In the development of the Patent Pending Cyberisk Chek Analysis and Cyber Preparedness Scores, globally recognized questions and queries regarding threats associated with cyber breaches were reviewed and collected. A total of 149 questions were confirmed as being both globally consistent as well as pertinent to all world markets and were included in the comprehensive report. All questions were divided into key industry recognized categories such as; fraud detection, directory management, E-Mail protection and so forth and then prioritized by their critical nature in relation to the potential loss.


In developing the weighting scales of each category and the Preparedness Score as a whole, commonly used risk management tools and grading processes such as; CAT Inherent Risk Profile (Federal Financial Institutions Examination Council (FFIEC) Cybersecurity Assessment Tool), VaR Value at Risk (statistical technique used to measure and quantify the level of financial risk within a firm or investment portfolio over a specific time frame), Cyber Risk Reduction Return on Investment (Conference Board of Canada), Threat and Risk Assessment Working Guide Grading System (SANS Institute 2017), Time-to-Compromise Model for Cyber Risk Reduction Estimation (McQueen, Boyer, Flynn, Beitel), Cyber Risk Profile Diagnostic (Willis Towers Watson) were reviewed.

Questions selected in the overall impression were then listed and prioritized based on relevant concerns post an in-depth review by industry experts.

AWARENESS

Our goal is to reinforce the importance of educating the consumer on the importance of cyber threat awareness and most importantly provide a clear understanding of the prioritized action plans for each area of cyber security. The Cyberisk Chek%age Preparedness Scores are integral to the understanding on why to have cyber insurance in place, how to determine the policy or loan range, premium or interest level and how to communicate this message properly to the appropriate decision makers.

Cyberisk Chek provides awareness presentations and support documentation for insurance representatives, brokers, agents, sales staff, loan officers and organization risk managers. Our programs are geared to each environment and are, when possible, CEU based activities. We work closely with Regional, National and International Associations in each Industry Sector to ensure the latest and most prevalent topics are covered in relation to cyber risk threats.

WE ARE YOUR FIRST STEP IN CYBER SECURITY

 
 

ALGORITHMS

& WEIGHTING

OF RISK

Inquiries

For any inquiries, questions or concerns, please email info@cyberiskchek.com or fill out the following form

Patent Pending Technology

 

CONTACT