Cyber risk management: What strategy and tools to use?

As disruptions and losses from cyberattacks continue to increase worldwide, a higher percentage of cyber risk decision makers in Asia (64%) reported that their organisation had been impacted by cyberattacks, compared to 59% globally. At the same time, 31% did not feel confident about their organisation’s cyber risk program — far higher than the 18% global average. 

What is causing the lack of perceived cyber risk preparedness in Asia? What should companies do to narrow their exposure gaps amid the following challenges?

• High level of digitalisation with increasing reliance on technology for operations.
• Critical dependencies with growing reliance on global cyber supply chains and cloud infrastructure.
• Maturing regulatory environments across Asia with more stringent controls.
• Geopolitical conflicts with potential for cyber terrorism or warfare.

Managing your cyber risk exposures with the right strategy and tools

No matter what industry your enterprise is in, your organisation needs strategic cyber risk solutions that are designed to focus on answering these important questions:

• What cyber risks impact my industry the most?
• Are my existing cybersecurity measures effective?
• How do I strategise cyber risk management without sufficient skilled resources and budgets?
• Are our cyber risks covered by our existing insurance policies?
• What cyber insurance do we need? And how much?
• How do I overcome limited cyber insurance capacity and increasingly stringent underwriting requirements?

Navigating these challenges can be made simpler by adapting a three-step process or roadmap that outlines the appropriate solutions to help you effectively build cyber risk resilience within your organisation, starting with exposure quantification and a Cyber Self-Assessment (CSA).

Step One: Effective cyber risk management begins with accurately assessing and quantifying cyber risk exposure regardless of the scale and complexity of your business operations. The CSA is a free, powerful cyber risk diagnostic tool for companies that reveals your cyber exposure gaps and provides actionable recommendations to improve your maturity and insurability. 

Step Two: Effective cyber risk management needs to integrate cyber risk into your enterprise risk management strategy. The enterprise risk management approach enables you to manage your organisation’s total cost of risk through the appropriate risk transfer and mitigation solutions.

Step Three: Effective cyber risk management must go beyond applying a cybersecurity technology tool or solution, or relying on a one-size-fits-all approach. By partnering with a trusted risk advisor with extensive cyber expertise, insurer relationships and analytics capabilities, your organisation will benefit from solutions that are tailored to your needs and aligned with your business strategy, including incident response, crisis management and claims advocacy.