LONDON UK—Commercial property insurer FM Global has won a 2020 Innovation Award from Business Insurance magazine for the creation of the FM Global Cyber Lab. In the new facility, located in Norwood, Massachusetts, USA, FM Global scientists study real-world cyber threats and test different defence options.
Risk managers can also see firsthand, in the lab’s cyber secure environment, how their information technology and operational technology systems can be attacked. This helps them have more informed conversations with the chief information security officers in their organisations and better understand the defences they have in place.
Award winners were selected by an independent panel of judges composed of professional risk managers from a variety of backgrounds and industries.
“For more than a century, FM Global has taken a scientific research-based approach to loss prevention for traditional property perils and now we’re applying that same approach with the Cyber Lab to help protect our clients from cyber risk to keep their businesses more resilient,” said Jens Alkemper, vice president and manager of the company’s cyber risk research team.
In prior years, FM Global has also been recognised with Business Insurance Innovation Awards for:
- its patented Cyber Risk Assessment, the insurance industry’s first comprehensive cyber readiness assessment, designed to help clients measure their overall cyber security resilience
- its Global Flood Map, a worldwide view of high- and moderate-hazard flood zones across the globe, meant to more accurately answer the question “Are your locations in or out of potential flood zones?”
- MyRisk®, a one-of-a-kind cloud-based portal that helps risk managers identify and analyse risks as well as evaluate the cost of risk improvement
- the FM Global Resilience Index, the first data-driven tool and repository that ranks the resilience of 130 countries and territories to business-disruptive events
- the FM Global SimZone, a distinct 12,000-square-foot (1,115-square-metre) training facility for the company’s clients and engineers in Norwood, Massachusetts, USA.
About FM Global
Established nearly 200 years 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 most 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.