70% of costs in cyber liability cases arise from careless employees. The insurance industry can use LUCY Software to run effective cyber protection and loss mitigation programs and solutions. The insurer can create added value for its customers that goes far beyond a cyber liability insurance policy.
Cyber liability insurance is becoming more and more established in the market. An analysis of the claims reports that have now been received shows clear patterns of attack: Professional attackers mainly use so called social engineering to gain access to company data and infrastructure. Phishing of passwords, mail attachments with malicious software and the fraudulent President-scam with manipulated invoices are the main focus of the attack methods.
It is obvious: people and processes are actually the weakest link in the chain. Experience also shows that in the event of an attack, small companies often know how to help themselves. Unfortunately, medium-sized companies have more difficulties. These are often only awakened by the cyber damage case.
Preventive measures in the area of cyber risk lead to a much better protection against cyber attacks, especially for medium-sized companies. At the same time the damage potential is considerably reduced. Insurers would do well to make such preventive measures available to their customers or even demand them!
The Swiss Mobiliar Insurance Company shows how its done: Their employees are regularly sensitized with training and phishing simulations based on LUCY software. But ‘Die Mobiliar’ goes further: With the help of LUCY Security, the company has added a simple and action-oriented 360° cyber protection solution to its portfolio of services for its insurance customers. The range of services covers own damage, third-party damage, legal protection and protection services and thus offers a comprehensive solution that benefits the customer AND the insurer.
- The topic and the potential threat ‘Cyber’ is anchored in the strategic risk management of the companies
- Security Awareness is actively maintained, and employees are trained and sensitized
- The IT security is assessed, and the basic security of the IT infrastructure is improved
- Digital assets are identified, threat scenarios are run through and the companies are realistically prepared for the cyber emergency
- Further insurance options are being analysed and examined
Benefits to the Insurer:
- 360° cyber protection solution: The insurer offers cyber insurance cover tailored to the needs of the customer with a lean risk assessment
- The insurer develops preventive, attractive services for its business customers with a high degree of effectiveness
- A simple and action-oriented range of products and services allows the broad and comprehensive training of the sales department
- Cyber Risk is developed and bundled in-house as a core competence
- Strong partnerships with IT providers or with LUCY secure the offer in the long term
- And last but not least: Increased attractiveness and customer proximity of the insurer in the field of cyber security and digital transformation!
The Security Awareness Program Framework (SAPF)
In addition to software support, LUCY also offers a modular system for building comprehensive cyber protection solutions. The SAPF guide allows an efficient implementation of a pre-project for the setup of an awareness program. The guideline can be used polyvalent. Whether the range of services is aimed at the cyber protection of insurance customers or employees is of secondary importance.
With its implementation focus on ‘Scope’, ‘Plan’, ‘Run’ and ‘Evolve’, the guide illuminates all levels of the company: normative, strategic and operational. This ensures the effectiveness of preventive measures in the cyber risk area effectively and sustainably.
The documentation of the framework includes a description of the individual processes necessary to build a cyber protection program. The documentation is provided free of charge by LUCY Security.
In order to obtain the SAPF documentation, please fill out the following form.