Case Study

Cyber insurance risk assessment for large food manufacturer

When:
2022
Where:
USA
Services involved:
Crisis Planning and Continuity
Cyber

The AnotherDay cyber team were engaged to conduct an in-depth review and analysis of the cyber risk and controls environment for a multinational food manufacturer, with large scale operations. The client wanted to purchase cyber insurance that reflected their risk posture accurately, whilst also gaining a greater understanding of where to focus investment in controls moving forward.

We took a birds eye view of the company’s network architecture and global operations to understand the potential impact of a cyber attack on the operations of the company. The company shared in-depth information on their security governance architecture, network architecture, financial information and various information security and data protection policies. This information was used to develop a quantified worst case scenario for the company that helped illustrate its potential losses and ensure it’s risk transfer strategy was appropriate to the exposure.

We also used this information to build up an accurate picture of the client’s risk posture and communicate this in a way that could be used by the client to advise senior stakeholders and market them transparently to insurance markets. As part of the project, we also provided a number of recommendations for strengthening the company’s cyber security posture, which were adopted by the client.

Project leads
Adam Carrier
Head of Consulting
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Jake Hernandez
CEO
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Sneha Nichols‑Dawda
Consultant, Crisis & Security Strategy
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Outcomes

  • An in-depth, impartial perspective on their implementation of cyber security controls based on best practice and the requirements from cyber insurers and underwriters.
  • Cyber insurance that accurately reflects their risk and probability of a claim.
  • Reduction in cyber insurance premium as a result of transparency with the underwriters and accuracy of risk posture.
  • A greater understanding of what they’re doing well and what areas of cyber security controls need improvement and investment.

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