London, U.K.—FM Global, one of the world’s largest commercial property insurers, has won the Cyber Security Product of the Year Award from CIR (Continuity Insurance and Risk) Magazine for its Cyber Risk Assessment, the insurance industry’s first comprehensive cyber readiness assessment. The assessment 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.
According to the magazine, its awards recognise “those individuals, organisations and teams that have significantly added to the understanding and practice of risk management.” Award winners are selected by an independent judging panel of risk management and insurance experts.
“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 Andrew Bryson, operations senior vice president and manager for the company’s London operations. “The FM Global Cyber Risk Assessment and its patented algorithm provide an accurate evaluation of an organisation’s cyber risk exposure. This is coupled with the development of practical recommendations for continuous risk improvement, building resilience and protecting business revenue, reputation, market share and ultimately, viability. The Assessment uses a research-based approach informed by FM Global’s loss history, supported by the fundamental belief that the majority of cyber loss is preventable.”
About FM Global
Established nearly two centuries 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 the majority of property loss is preventable, represent many of the world’s largest organisations, 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.