Dependency on IT systems is increasing: companies face an extensive challenge
The rapid development of information and communication technology means that global networking is becoming increasingly more prevalent. Every company uses different software products to control or optimise financial controlling, production or customer management processes. Data is frequently sent and saved via mobile or cloud-based servers in daily operation.
Whilst formal and legal requirements, such as those arising from data protection legislation, are increasing on the one hand, the risks posed by criminal cyber activities and dependency on these same IT systems are growing on the other. In increasing measure, companies must therefore grapple with potential risks concerning their IT security and establish a corresponding crisis management strategy for targeted protection against cyber risks.
Cyber risk analysis: identifying IT risks and taking appropriate action
The Funk cyber risk analysis is a professionally designed workshop for identifying and assessing cyber risks. The aim is to increase transparency of existing potential IT risks in the company, cover the potential dependency of individual risks and implement protective measures if necessary. The workshop focuses on risks such as:
- Losses caused by business interruption
- Third-party liability
- Damage to company’s reputation
- Loss of information and know how
Employees from all areas of the company discuss and analyse these potential risks with the guidance of Funk’s experts and our cooperative partners, as well as examining possible causes for claims:
- Loss or manipulation of data, e.g. due to hacking
- Non-availability of IT systems
- Computer viruses
- Incorrect operation
- Power failure
The results of the exchange during the workshop yield in a company-specific insurance strategy for protecting against cyber risks.
Risk transparency as a basis for targeted insurance management
With the cyber risk analysis, companies gain increased risk transparency and a basis for qualified risk transfer. In addition to the advantages of having an optimised emergency response plan, identifying and assessing the risks during the cyber risk analysis also serves as support for achieving certification under ISO 27001.
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