Marsh has announced the launch of its Cyber Incident Management (CIM) service to support clients headquartered in the UK and Continental Europe to prepare for, respond to, and recover from cyber incidents and increase their cyber resilience.
The service was first launched in the US in 2021 and is a first of its kind that brings together key elements that are required to navigate cyber incidents successfully, focusing on pre-incident preparation, holistic guidance and best practice advice during an incident, and a seamless integration of Marsh’s cyber insurance claims expertise.
In addition to having dedicated in-house resources, Marsh has also created a vendor network of leading independent specialists, which includes IT forensic, legal counsel, cyber extortion specialists, data recovery, and crisis communications, that all have proven track records in dealing with critical cyber incidents.
They are available to support clients based on their unique requirements, should an incident occur.
Last month, a report published by Marsh and Microsoft – The State of Cyber Resilience, highlighted that mounting and increasingly complex cyber threats are tempering executive confidence in their organisations’ core cyber risk management capabilities. According to the report, just 9% of executive leaders stated that they were “highly confident” in their organisation’s ability to manage and respond to cyber attacks.
The report also showcased that along with ransomware, other major threats include phishing and social engineering, privacy breaches, and business interruption.
“Given that ransomware events surged by 148% in 2021, it is not surprising that many executives feel overwhelmed and lack confidence in their organisation’s cyber resilience,” said Helen Nuttall, Head of Cyber Incident Management, UK, Marsh.
“Through CIM’s strong focus on cyber incident preparation, clients will be able to deal with a crisis in an efficient and effective way and thereby mitigate its impact and expedite recovery.”
Florian Saettler, Head of Cyber Incident Management, Continental Europe, Marsh, added: “Successful cyber resilience requires a fully integrated approach to managing cyber events, reflecting the unique risk profile of an organisation. Marsh’s CIM service brings together the multiple workstreams that are required to respond to cyber events, and limit the financial and reputational impact should an incident occur.”