Weightmans launches global cyber resilience team to bridge gap in knowledge between insurers and businesses
Led by Weightmans, CyXcel is a world-first team of specialists covering law and regulation, IT security, data forensics, intelligence and public…
- Led by Weightmans, CyXcel is a world-first team of specialists covering law and regulation, IT security, data forensics, intelligence and public relations
- The global team will help organisations build resilience against cyber threats, plan for incidents effectively and respond decisively when they occur, from forensics to threat neutralization, data breach handling to ransom negotiation and more
- CyXcel will bring much-needed clarity to the role of insurance, why organisations should buy cyber cover and improving underwriters’ ability to forecast cyber risks
Leading law firm Weightmans has established a global team of leading cyber specialists working together seamlessly in collaboration to help businesses and their insurers build resilience in the face of ever-increasing cyber threats.
CyXcel will provide organisations with a 360⁰ view of their exposure to cyber threats, assist them in boosting resilience and planning for incidents and will provide dedicated incident response when breaches occur.
Weightmans says a key aim of the team is to make businesses, insurers and underwriters better equipped with the information and resilience to ensure they have a comprehensive view of the risks they face.
CyXcel is made up of 15 specialist businesses, covering international law and regulation, IT security, forensics, intelligence and public relations. It is the first time a global team of experts has been brought together in this way to help businesses understand their risk profile, define and implement a resilience strategy and develop effective response planning.
The team has already represented a financial services business that was the victim of a datanap breach, including negotiating bitcoin ransom payments, providing reputation management and liaising with the ICO on its behalf.
The launch comes as the financial and reputational risks of overlooking cyber resilience are growing. In 2018, a study by the Ponemon Institute found that the average cost of a data breach globally is now more than £3 million.
Ed Lewis, partner at Weightmans and project lead for CyXcel, said:
“The sheer volume of cyber and data threats we are now seeing mean it’s a case of when, not if, an organisation will fall victim to some form of breach – whether it’s the result of human error or criminal attack. The market for cyber insurance cover is maturing rapidly to keep pace, but the misconception persists that an organisation is resilient and adequately protected simply because they’ve bought a cyber policy.
“Through a robust process of risk analysis and incident planning, CyXcel will help individual businesses become a much more attractive proposition to underwriters by identifying, contextualising and mitigating their specific risks, while simultaneously determining the appropriate cover and limits they need to transfer their exposure effectively. Insurers can be reassured that they have done all they can to minimise the impact of a potential breach and have robust plans in place to respond to threats.”
CyXcel offers three distinct, but inter-related, products for policy holders – resilience strategy, incident planning and incident response – in addition to a range of insurance-related services to support claims and underwriting functions. As an international group, CyXcel can work across jurisdictions to represent businesses with a global footprint, and also implements and delivers the incident response plan in the event of an attack.
“How an organisation responds in the event of a breach is crucial,” added Ed Lewis, “but even more important is the work done ahead of an attack to improve readiness and resilience. Shoring up a business’s resilience is a matter which goes right up to board level. With the potential of large financial penalties and personal exposure, alongside severe business disruption, C-suites are increasingly under pressure to prove the steps they’ve taken to bolster their business against an attack.”
CyXcel’s team has collective experience and expertise across cyber and data security and strong working relationships with regulators and law enforcement agencies. They have been involved in some of the most high-profile cyber events and assignments globally, from suspected state-sponsored ransoms and multi-national data breaches, through to targeted consultancy on cryptocurrency security, GDPR compliance, fraud prevention and digital asset governance. CyXcel’s services can be scaled to suit businesses, large and small, as well as for insurers themselves and public sector organisations.
Weightmans is a multi-disciplinary law firm and leading provider of legal services to the insurance market. Its national team of 400 insurance lawyers, led by 40 partners, acts for leading global and national insurers, the London Market, insurance related intermediary organisations and counts 'household names' self-insured organisations among its clients. For more information please visit: https://www.weightmans.com/cyxcel