Zurich, Australia has launched DigitalResolve to help businesses reduce the impact of, and recover from, cyber incidents. Zurich’s 24/7 DigitalResolve solution provides a business with a carefully-selected team of experts to assist with managing cybercrime.
The 2016 Global Economic Crime Survey states; today more than ever before, a passive approach to detecting and preventing economic crime is a recipe for disaster. Economic crime is a diversified global issue with more than one in three (36%) organisations in both developed and emerging markets and company detection methods are not keeping pace with the developments in cyber crime.
A recent 2016 survey revealed that in the last two years, amongst Australian respondents, 65 per cent had experienced cybercrime. This highlights the need for businesses to be ready with effective strategies to manage cyber risk and the potential impact on their business.
Providing a holistic approach Zurich is working with Crawford & Company, and partners include Control Risks, Norton Rose Fulbright, Fleishman Hillard and Mandiant/FireEye to provide its DigitalResolve solution.
Kym Beazleigh, National Underwriting Manager for Corporate Institutions for Zurich in Australia said: “While the impact to the bottom line can be detrimental, the ramifications of cyber incidents extend much further, including potential litigation and damage to reputation”.
“That is why Zurich’s DigitalResolve solution is made up of various experts, including IT and accounting forensic services, credit monitors, and legal and public relations specialists,” Mr Beazleigh said.
In the event of a cyber incident these service providers work together to mitigate the risk of operational shutdown, supply chain disruption, customer and revenue losses, declines in productivity, regulatory fines, litigation claims, cyber-extortion payments and reputational damage.
“In light of the increasing volume and sophistication of security breaches, it is no longer sufficient to consider cyber risk a concern for the IT department.
“As well as building greater cyber risk resilience, organisations must plan for a coordinated recovery in the event of an attack, so that when breaches happen they can get the business back on track at full speed with minimum disruption,” Mr Beazleigh said.
Zurich is also collaborating with governments, academics and other think tanks around the world to establish global standards, encourage information sharing, build resilience and create adequate global governance on cybersecurity.