Life sciences organizations are high value targets for cyber criminals. Clinical trial data, confidential intellectual property for drug manufacturing, and pricing and promotion strategies are strong financial motivators for bad actors.
Exposure to cyber risk weighed heavily on the minds of the risk and information security managers at this large pharmaceutical organization. Operating across a number of continents with a very complex network topology, the organization was finding it difficult to centralize the information security control documentation that would be necessary to present the risk to the insurance market. The client was also unable to quantify their cyber exposures and did not have an appropriate indicator of the required level of coverage.
Based on the network exposure identified, we developed a model to quantify the loss exposure and align the insurable risk exposures with an optimized insurance strategy. By involving stakeholders from across the organization, we created a clear line of sight to their cyber exposures across the enterprise, helping them secure best in class insurance coverage. For the first time, the board was able to sanction a capital expenditure for the procurement of cyber insurance.
- Helped the board understand the company’s cyber risk and its enterprise security posture, so it approved the required capital expenditure
- Provided bespoke wording, reflecting the uniqueness of the organization’s cyber risk profile, for a comprehensive insurance program that included $250M of coverage from the marketplace
- Identified vulnerable areas in the organization’s IT network that required further security remediation and investment
There’s no placebo for a cyber attack. Protect yourself today.