New cyber-related options offer balanced approach of risk mitigation and insurance protection
Zurich North America (Zurich) and Deloitte are working together to provide services for their customers to help them better understand and protect themselves from cyber related risks. Initial offerings include risk transfer options provided by Zurich and risk mitigation options provided by Deloitte Risk and Financial Advisory Cyber Risk Services.
Zurich and Deloitte believe companies that identify the multitude of possible cyber risks and have a tested action plan in place are those that may be more resilient, and can more efficiently get back to meeting the expectations of their customers.
“Deloitte is recognized as a leader in cyber risk advisory services with nearly 3,000 U.S. cyber risk professionals, and Zurich is excited to provide our customers access to Deloitte’s breadth and depth of experience in cyber risk services,” said Bryan Salvatore, head of Specialty Products for Zurich North America. “Businesses should consider adopting a mindset of resilience through a balanced approach of mitigation and insurance protection.”
Businesses carrying Zurich’s Security & Privacy insurance coverage also will have an opportunity to complement the coverage with a menu of pre-breach cyber risk assessment and management services through Deloitte to assist businesses in understanding their level of cyber exposure and resilience. The services include standards-based risk assessment of an organization’s threat detection and rapid incident response capabilities, as well as risk mitigation recommendations for customers.
In addition, Deloitte customers working toward cyber resilience can now balance their risk mitigation solutions through Deloitte with risk transfer options provided by Zurich.
“Through our work with clients in the aftermath of cyberattacks, we see that organizations are often unprepared for the magnitude of the financial impact,” said Ed Powers, principal, Deloitte & Touche LLP, and U.S. leader for Deloitte Risk and Financial Advisory Cyber Risk Services. “A decision to invest in cyber insurance as a part of a broader cyber risk management program is important to help improve a company’s cyber resilience posture and take stock of the potential damage resulting from a cyberattack.”
To help organizations thrive in an increasingly fast-paced and complex technology landscape, Deloitte helps public and private sector organizations develop or strengthen risk-focused cyber programs. While it is impossible to prevent all cyberattacks, organizations can lessen their impact by making well-balanced investments in security controls, threat awareness and detection, and incident response preparedness.
Zurich and Deloitte expect to work together on additional joint capabilities to be phased in over time as the cyber insurance market continues to evolve.
As one of the five insurance providers currently leading the North American cybersecurity insurance market, Zurich has its finger on the pulse of the current cyber landscape and is invested in identifying risks and delivering solutions for the business community.
In addition to its collaboration with Deloitte, Zurich is involved in a ‘first of its kind’ public private partnership with the University of Maryland and the National Institute of Standards and Technology (NIST) to develop a Cyber Portal to help businesses build resilience against cyber-related supply chain risks.
In August 2016, Zurich announced new cyber insurance solutions for Captives and in October released results of its 2016 Advisen cyber survey of U.S.-based risk managers on their cyber-related attitudes.
Zurich also serves as a key contributor to the public sector dialogue around cyber insurance including presenting to the Federal Advisory Committee on Insurance (FACI) and IT/Communications Sector Quad and participation in Department of Homeland Security and Department of Treasury Roundtables on the topic. In 2015, Zurich provided expert testimony on the state of the cyber insurance market at a hearing of the U.S. Senate Subcommittee on Consumer Protection, Product Safety, Insurance and Data Security in Washington, D.C. Zurich cyber experts are frequent speakers at events on issues related to security and privacy; and the Internet of Things (IoT).
More information about Zurich’s Security & Privacy solutions is at https://www.zurichna.com/securityandprivacy. Additional cyber related literature can be found at https://www.zurichna.com/cyber.
Zurich Insurance Group (Zurich) is a leading multi-line insurer that serves its customers in global and local markets. With about 54,000 employees, it provides a wide range of property and casualty, and life insurance products and services in more than 210 countries and territories. Zurich’s customers include individuals, small businesses, and mid-sized and large companies, as well as multinational corporations. The Group is headquartered in Zurich, Switzerland, where it was founded in 1872. The holding company, Zurich Insurance Group Ltd (ZURN), is listed on the SIX Swiss Exchange and has a level I American Depositary Receipt (ZURVY) program, which is traded over-the-counter on OTCQX. Further information about Zurich is available at www.zurich.com.
In North America, Zurich is a leading commercial property-casualty insurance provider serving the global corporate, large corporate, middle market, specialties and programs sectors through the individual member companies of Zurich in North America, including Zurich American Insurance Company. Life insurance and disability coverage issued in the United States in all states except New York is issued by Zurich American Life Insurance Company, an Illinois domestic life insurance company. In New York, life insurance and disability coverage is issued by Zurich American Life Insurance Company of New York, a New York domestic life insurance company. For more information about the products and services it offers and people Zurich employs around the world go to www.zurichna.com. 2012 marked Zurich's 100-year anniversary of insuring America and the success of its customers, shareholders and employees.
About Deloitte Risk and Financial Advisory Cyber Risk Services
As part of the market-leading Deloitte Risk and Financial Advisory practice, Deloitte’s Cyber Risk Services help complex organizations more confidently leverage advanced technologies to achieve their strategic growth, innovation and performance objectives through proactive management of the associated cyber risks. With deep experience across a broad range of industries, Deloitte’s nearly 3,000 U.S. cyber risk professionals provide advisory and implementation services, spanning executive and technical functions, to help transform legacy IT security programs into proactive, secure, vigilant and resilient cyber risk programs. Deloitte Risk and Financial Advisory cyber risk services works with our clients worldwide to better align cybersecurity investments with strategic business priorities, establish improved threat awareness and visibility, and strengthen the ability of organizations to thrive in the face of cyber incidents.