We recently spoke with the Senior Director of Cyber Trust and Risk Management at a Fortune 500 speciality insurance company to learn how they use X-Analytics to take their cyber risk management approach to the next level.

The Customer

They are a leading global specialty insurer with over 5,000 employees across the globe. They provide sector-specific insurance coverage to contractors, freelancers, small businesses, tradespeople, charities and community groups.

The Senior Director of Cyber Trust and Risk Management has been with the company for the past seven years. Aiming to take their cyber risk management approach to the next level, they approached X-Analytics to help. 

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The challenges they faced

Before X-Analytics, they were pulling data from a disperse set of data sources and attempting to arrange, normalize and analyze it through Excel spreadsheets. While this worked initially, they reached a point where this approach was insufficient for the growing sophistication of their cyber risk program. 

In addition to the time and effort it was taking, they were struggling to attain a comprehensive view of their cyber risk that they could use to communicate with the wider business. They found that the traditional approach to cyber risk assessments involving a traffic light (red/yellow/green) system lacked both the financial and business context they needed and limited their risk-informed decision-making capabilities. They needed to gain a more dynamic view of their cyber exposure, for example,  the impact of cyber control maturity and risk transfer decisions. 

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Why they chose X-Analytics 

When they decided to look for an alternative cyber risk management solution, there were some non-negotiables for the insurer. They wanted a solution that was remarkably powerful, usable and didn’t cost the world. Most of all, they needed to be able to manage and communicate their sophisticated cyber risk management programme more effectively.  X-Analytics ticked all of these boxes. 

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Their experience with X-Analytics 

When asked about their experience getting started with X-Analytics and the benefits they’ve seen since they started using it, here’s what they said: 

“We're still in the early stages of adopting X-Analytics, but we've had some good success already. We recently went through the process of renewing our cyber insurance and we were able to use X-Analytics to better understand our existing cyber insurance coverage in light of our expectations and needs.” 

“The scenario planning capability has been huge. If we say we're going to invest a hundred thousand dollars into this area and in return it’s more secure… that’s not as compelling as if we can say your ROI is 150%. That’s huge.” 

“My advice to a CISO considering X-Analytics is don't delay like we did. We waited a whole year before we started with X-Analytics and I feel like we've put ourselves behind by a year.” 

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The benefits

Since working with X-Analytics, they have been able to: 

• More effectively communicate with senior business leaders for a more aligned approach to cyber risk management. 
• Start making truly informed, risk-based decisions with the insights from X-Analytics.
• Renew their cyber insurance with increased confidence that their coverage meets their needs.
• Make their cyber risk programme more “bite-sized” and “easier to track”.

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