Risks can come from various sources including uncertainty in financial markets, threats from project failures (at any phase in design, development, production, or sustainment life-cycles), legal liabilities, credit risk, accidents, natural causes and disasters, deliberate attack from an adversary, or events of uncertain or unpredictable root-cause.
There are two types of events i.e. negative events can be classified as risks while positive events are classified as opportunities. Several risk management standards have been developed including:
- Project Management Institute
- National Institute of Standards and Technology
- Actuarial societies, and
- ISO standards.
Methods, definitions and goals vary widely according to whether the risk management method is in the context of project management, security, engineering, industrial processes, financial portfolios, actuarial assessments, or public health and safety.
c-Market has formed a strategic partnership with Risk Cooperative and Ridge Global (RCRG) to develop a cyber liability solution that will fortify U.S. businesses and communities against cyber crime. The new solution, “c-Assure” will provide up to $10 million in stand-alone cyber insurance coverage backed by Lloyd’s via a simple application and fast-track approval, leveraging RCRG’s proprietary evidence-based underwriting model.
Firms that demonstrate good cyber hygiene and standards of care, are no longer forced to be dependent upon insurance programs that treat all risks the same. With this unique risk-transfer capability, RCRG introduces fast access to customizable cyber insurance solutions to the c-Market. For coverage limits greater than 10 million, RCRG works with its extensive network of insurance markets and partners, and is able to design customized solutions for coverage limits in excess of $100 million.
The RCRG evidence-based underwriting model improves the terms of coverage for those firms that demonstrate steps taken to reduce risk through implementing certain governance, technology, and education measures. The comprehensive c-Assure solution offers cyber liability benchmarking and access to a full-suite of cyber resiliency capabilities.
According to the Insurance Information Institute’s 2015 cyber writings report, the U.S. share of stand-alone cyber policies remains a small 5% of the cyber insurance market, when compared to bundled products. RCRG’s unique cyber insurance facility enables customization through channel partnerships and unmet market needs such as pre-investment due diligence, catastrophic stop-loss programs, and resilience-by-design at the product, service or software layers.
About Risk Cooperative and Ridge Global
Working together under the banner of Risk, Readiness, and Resilience, Risk Cooperative and Ridge Global bring comprehensive risk management solutions to market. The companies formally integrated strategic leadership and operations in 2017.
Risk Cooperative, a cover holder at Lloyd’s, is a specialized strategy, risk and insurance advisory firm licensed to originate, place and service innovative risk-transfer and insurance solutions in all 50 states, D.C. and Puerto Rico. Risk Cooperative helps organizations address risk, readiness and resilience through a comprehensive service and solution offering in partnership with leading insurance companies and value-adding partners. Learn more at http://www.riskcooperative.com
Ridge Global is the risk management firm led by Tom Ridge, the first U.S. Secretary of Homeland Security and 43rd Governor of Pennsylvania. Ridge Global works with c-suite and board executives around the world to reduce enterprise cyber risk and to build more resilient organizations through innovative protection and response capabilities, cyber education and insurance solutions.
Learn more at https://www.ridgeglobal.com