Aviation organizations are adopting the latest technology to improve communication with ground crews and air traffic control, and to enhance the customer experience. But these new features are potential doorways for cyber criminals to cause physical harm or obtain confidential information and money.
An airline wanted to achieve a better understanding of its cyber threats, balance sheet exposure and examine methods to mitigate and transfer their cyber risks.
By using our experience in information security protection and cyber risk financing, our specialists performed a cyber risk assessment and quantification that included the following steps:
- Scenario analysis: We established and prioritized relevant cyber risk scenarios.
- Financial modeling: We developed an appropriate model to determine their potential financial exposures.
- Insurability analysis: We aligned the insurable risk exposure with the insurance strategy to help optimize the total cost of risk.
- Supplied data to help key stakeholders understand the airline’s exposures and make informed security investment decisions
- Arranged insurance products to help transfer identified cyber risk
- Educated the board on cyber as an enterprise risk with material implications