TMHCCI publishes cyber security whitepaper

Tokio Marine HCC International has today issued a new whitepaper detailing the exposures of three key industries – manufacturing, financial institutions, and transport and logistics – to cyber security risks.

Produced by Isaac Guasch, cyber security leader at TMHCCI and cyber security academic, the paper scopes out the exposures of each sector and their level of preparedness, providing key insight into the threat cyber incidents pose.

The findings in the paper are based on data collated by TMHCCI since 2016 and drawn from its unique Cyber Threat Intelligence tool which monitors threats, vulnerabilities and attack techniques.

“Cyber risks are still poorly understood and how they are underwritten is perhaps not always clear to brokers and their clients. This paper seeks to provide a level of clarity that has been, to date, lacking,” said Guasch. “Manufacturing is one of the least mature sectors in regard to cyber security, but recent years have seen a surge in the use of operational technology and the Internet of Things, which are now business essential tools for manufacturers.”

The high number of interconnected systems in a manufacturing firm creates a much broader attack surface making the implementation of OT security a business-critical consideration for firms in this sector. The sector faces significant challenges in the shape of, but not limited to GDPR-related fines, threats from state actors, compliance violations, migrating systems during M&A activity, as well as the exposures brought by innovations such as open banking, blockchain and cryptocurrencies. Finally, in transport and logistics, the key exposures arise from the information systems used to manage the flow of vehicles and goods, and to control traffic.

“While cyber attacks may seem like a very serious but rather generic threat, the fact is, each sector has its own unique exposures and criminals will tailor their approach to each sector and even individual businesses,” Guasch added.

“That’s why we take a tailored approach to each sector and each client when it comes to understanding their cyber exposures and protecting against them. And with our Cyber Threat Intelligence tool constantly scanning the threat landscape, we are always alert to the latest developments and innovations in the world of cyber crime.

Xavier Marguinaud, TMHCCI’s head of cyber, commented: “These three sectors make up nearly three quarters of our book of business, so we have a deep understanding of the business models and technology deployed, and the cyber exposures these create.

“This whitepaper is a major step forward in understanding the real risks that businesses in these three sectors face every day and we hope that by sharing our expertise and unique insight, more businesses can protect themselves from the constant and increasing cyber threats.”

CIR’s recent podcast with the experts at Tokio Marine HCC examined how the transportation sector is coping when it comes to managing cyber risks

Listen to the Podcast here.

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