Cyber insurance risk assessment for a major UK University
Our consulting team was engaged to carry out an in-depth cyber risk assessment for a major UK University. With the sector experiencing a recent dramatic rise in ransomware attacks, the University had grown increasingly concerned with the risk exposure it now faced.
The team worked with the University over a 12-month period to provide a comprehensive overview of its cyber risk exposure, how its various departments and institutions are governed, and how its critical systems and services are secured and maintained. This process began with a scoping workshop with senior stakeholders to gain a sense of the University's complex and fragmented IT ecosystem and identify where pressure points and areas of oversight may exist.
Using the information collected, we then set about conducting a series of detailed engagements with IT stakeholders across the University, with the aim of identifying what security controls were in place across a number of academic and non-academic institutions. This resulted in a highly detailed report which enabled the University to understand its cyber exposure and pinpoint specific challenges that could be addressed through investment and risk management.
Outcomes
- A due diligence process which enabled the University and its senior leadership team to get a clearer view and understanding of cyber security controls across the entire estate.
- A detailed assessment which identified which key controls should be implemented to mitigate cyber risks at the University, in comparison to the benchmarks currently set by the insurance markets. As well as highlighting key areas of exposure, the assessment also identified areas of best practice and those departments/institutions considered 'best in class'.
- A report for senior leadership and IT teams at the University, providing an up-to-date snapshot of cyber security controls across the estate, and a detailed list of recommendations to assist the institutions move towards future insurance placement.
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