A major airline based in the Philippines sought a greater understanding of the advantages of cyber insurance and transferring their risk to the insurance market, aiming to lessen the potential financial repercussion for the business in the event of an incident.

The client had not previously approached the cyber insurance market and therefore did not have a consolidated overview of their cyber security posture and risk exposure and how this may be translated into a comprehensive insurance policy.

The process

To provide our client with a deeper understanding of the potential risks, our specialist cyber consulting team at AnotherDay ran a cyber risk assessment and exposure analysis for the client. This aimed to communicate a comprehensive overview of the airlines network, business operations and cyber security controls that are currently in place.

To ensure this was as useful as possible, our team ran over 10 workshops with various stakeholders across the business to ascertain full details of their security controls, day-to-day operational environment and any potential exposures across the business.

Our consultants meticulously identified both strengths and weaknesses that could influence the client’s ability to secure a comprehensive cyber insurance policy and maintain business continuity in the event of an incident.

The result

In this instance, the client had strong controls in place, allowing us to highlight where significant strengths lie in their network and provide tangible recommendations to bolster their control set.

The client is now in talks with internal stakeholders on the next steps to pursue cyber insurance with the assistance of Gallagher’s cyber and aviation brokers.

AnotherDay consultants remain on hand to assist in the delivery of the policy and provide post-project support in clarifying any further information from the insurers.