Kaspersky Lab and Marsh, a global insurance broking and risk management specialist, have signed a memorandum of understanding covering the insurance of industrial organisations. The companies will work together in the field of cybersecurity auditing, including initial analysis and post-incident investigation services to enable the adjustment of insurance premiums following cybersecurity incidents for large industrial enterprises, locally. Though the agreement will initially focus on Russian businesses, Kaspersky Lab and Marsh have future plans to extend the cooperation further.
Industrial cyber risk insurance is quickly becoming a new and emerging global trend within risk management for industrial enterprises, so Marsh plans to cater to this demand by offering large businesses and public-sector companies in Russia insurance solutions and a specialised method of calculating potential losses. By signing the Memorandum of Understanding with Marsh, Kaspersky Lab will cooperate with the insurance broker when creating surveys for initial security analyses of enterprises and conducting full cybersecurity audits.
The Memorandum also aims to involve Kaspersky Lab experts in the investigation and analysis of cyber incidents with a view to adjusting insurance claims. According to the Kaspersky Lab ICS report, the consequences of cybersecurity breaches cost large industrial organisations an average of USD 497,000 over the last year1. This included damage to products, loss of business information, various violations of the production process, and in some cases, even put a temporary stop to production. This potential for financial and operational damage has made a strong case for cyber incident insurance for industrial organisations in all countries.