Kaspersky Lab and Marsh – a global leader in insurance broking and risk management, - have signed a memorandum of understanding covering the insurance of industrial organizations. The first step of the collaboration will involve collaboration in the field of cybersecurity auditing, including initial analysis and post-incident investigation services to enable the adjustment of insurance premiums following cybersecurity incidents for large industrial enterprises, locally.
Although the agreement will initially focus on Russian businesses, Kaspersky Lab and Marsh have future plans to extend the cooperation further. The signing took place at the 5th Kaspersky international "Industrial Cybersecurity: The Guard of Technological Progress" conference.
Industrial cyber risk insurance is quickly becoming a new and emerging global trend within risk management for industrial enterprises, so Marsh plans to cater to this demand by offering large businesses and public-sector companies in Russia insurance solutions and a specialized method of calculating potential losses. By signing the Memorandum of Understanding with MARSH, Kaspersky Lab will cooperate with the insurance broker when creating surveys for initial security analyses of enterprises and conducting full cybersecurity audits. The Memorandum also aims to involve Kaspersky Lab experts in the investigation and analysis of cyber incidents with a view to adjusting insurance claims.
According to the Kaspersky Lab ICS report, the consequences of cybersecurity breaches cost large industrial organizations an average of $497,000 over the last year1. This included damage to products, loss of business information, various violations of the production process, and in some cases, even put a temporary stop to production. This potential for financial and operational damage has made a strong case for cyber incident insurance for industrial organizations in all countries.
"The correct assessment of cyber security risks within industrial enterprises is a task that Marsh solves for our customers around the world. The collaboration with Kaspersky Lab allows us to improve the readiness of our customers for cybersecurity incidents, and gets professional support from the world's leading experts on information security," said Vice President of MARSH Russia, Armen Gyulumian.
"Comprehensive risk analysis allows companies to make management decisions quickly and efficiently. We have protected our customers from cyber threats and sophisticated cyber incidents for the last 20 years, so we understand how to properly assess cybersecurity threats to critical infrastructure. Our expertise in this area will help Marsh insurance brokers to accurately assess the risks for public and industrial companies, and businesses – in order to obtain the most detailed analysis of security incidents," commented Andrei Suvorov, Director of business development, security of critical infrastructure, Kaspersky Lab.
A global leader in insurance broking and innovative risk management solutions, Marsh’s 30,000 colleagues advise individual and commercial clients of all sizes in over 130 countries. Marsh is a wholly owned subsidiary of Marsh & McLennan Companies (NYSE: MMC), the leading global professional services firm in the areas of risk, strategy and people. With annual revenue over US$13 billion and more than 60,000 colleagues worldwide, MMC helps clients navigate an increasingly dynamic and complex environment through four market-leading firms. In addition to Marsh, MMC is the parent company of Guy Carpenter, which develops advanced risk, reinsurance and capital strategies that help clients grow profitably and pursue emerging opportunities; Mercer, which delivers advice and technology-driven solutions that help organizations meet the health, wealth and career needs of a changing workforce; and Oliver Wyman, a critical strategic, economic and brand advisor to private sector and governmental clients. Follow Marsh on Twitter @MarshGlobal; LinkedIn; Facebook; and YouTube, or subscribe to BRINK.
1 Kaspersky Lab ICS cybersecurity report 2017 was held in summer 2017, during the research 370 ICS cybersecurity practitioners in the commercial, logistics and manufacturing sectors worldwide were asked.