NEW YORK--()--Dempsey Partners and Global Cyber Risk LLC have joined forces to offer a new service to help businesses better understand, manage, and quantify cyber risk exposures on a global basis.
“You simply can’t assess your own vulnerabilities with adequate precision without carefully considering potential exposures associated with trading partners along an extended worldwide supply chain. That’s a critical element of what we developed CERQ to deliver.”
The service, known as Cyber Evaluation and Risk Quantification (CERQ), brings together a range of proven analytical tools and consulting resources from both firms to help clients conduct a comprehensive assessment of their organization’s cyber exposures and vulnerabilities, as well as to quantify the potential financial consequences of related first-party and third-party loss exposures.
“It’s no secret that cyber threats and related privacy and security exposures now rank among the most significant risks facing businesses and governments in all parts of the world,” said Jody Westby, CEO, Global Cyber Risk. “The challenge is to identity them against best practices and compliance requirements, link them to critical business processes, and rank them by magnitude of harm. Coupling that with a valuation process injects real ROI into the risk management process and enables companies to make smart insurance decisions, as well as more fully recover on claims. This is an offering the market has needed for a decade,” she added.
CERQ identifies, evaluates, and ranks cyber risks across an enterprise, enabling risk managers, IT professionals, and compliance managers to focus on their organization’s most significant vulnerabilities and exposures. By harnessing business process, technical, and exposure data, CERQ provides an intelligent and objective basis for knowing where cyber risks are not covered by existing policies and for making insurance claims and purchase decisions. Equipped with CERQ’s output, executives can prioritize mitigation strategies and business continuity plans and establish appropriate limits of liability when cyber insurance is part of the solution.
“For a global enterprise, assessing cyber risks and their implications requires an understanding of the exposures related to a myriad of interdependencies,” said John Dempsey, managing partner, Dempsey Partners. “You simply can’t assess your own vulnerabilities with adequate precision without carefully considering potential exposures associated with trading partners along an extended worldwide supply chain. That’s a critical element of what we developed CERQ to deliver.”
In addition to assessing cyber-related business interruption and supply chain risks, CERQ can help assess and quantify a number of additional potential exposures, including:
- Cyber risks associated with specific third-party providers;
- Risks associated with IT architecture and privacy and security programs;
- Business impacts resulting from the loss, disclosure, or sabotage of intellectual property and/or confidential information;
- Loss potential from breaches of personally identifiable information;
- Risks flowing from use of mobile devices, social media, and clouds;
- Reputational impacts of cyber incidents.
The service also can estimate response costs of forensic investigations, malware eradication, and system clean-up.
CERQ’s methodology was developed based on internationally accepted best practices and standards for cyber security, privacy protection, and proven valuation processes. Applicable to all industry sectors, the service is designed to keep pace with rapid technological advances and factors in evolving legal requirements across multiple jurisdictions. Additional information is available by contacting John Dempsey at email@example.com or Jody Westby, firstname.lastname@example.org.
About Dempsey Partners
Through its network of offices across the United States, Dempsey Partners provides professional claim preparation services, with particular expertise in business interruption and corporate property damage claims. Additional specialized services of the firm include a proprietary BI exposure valuation product; a forensic analysis practice focused on white-collar crime; and MegaLoss Disaster Response (DR). In Japan, Dempsey Partners offers professional loss accounting services through a joint venture with Tokyo Kyodo Accounting Office, an affiliate of RSM International, the world’s sixth largest accounting firm. For more information, visit www.dempseypartners.com.
About Global Cyber Risk LLC
Based in Washington, DC, Global Cyber Risk (GCR) has developed an international reputation in providing first-tier advisory services to corporations and governments. The firm works with clients to identify the risks and liabilities in their unique business environment, offering internationally recognized senior leadership in the fields of privacy, security, cybercrime, outsourcing risk, and business continuity. GCR also offers specialized expertise in forensic investigations, breach management, global compliance requirements, and IT governance. Clients include the U.S. Department of Homeland Security, Carnegie Mellon University, Georgia Institute of Technology, EMC/RSA, and private sector corporations. Visit GCR’s website: http://www.globalcyberrisk.com/.