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(Risk Assessment Probability and Impact Diagnostic)

Use of technology is evolving with an increasing use of the internet across industries. Despite numerous business benefits concerning for example, cost, efficiency, accessibility and customer service, technology and the internet have exposed operators to a far greater risk of cybercrime and system unavailability.

What is Cyber-RAPID?

Cyber-RAPID provides an effective way of identifying and quantifying cyber-related threats facing organisations. These threats can then be aligned to insurance programmes to ensure suitable coverage is in place.

Experienced risk and cyber professionals will use Cyber-RAPID to:

  • Identify, define, quantify and analyse an organisation’s cyber-related threats.
  • Investigate the likely causes and consequences of threats.
  • Assess the likelihood and impact of threats on a consistent basis across an organisation.
  • Prioritise and focus on key issues
  • Provide the basis for a gap analysis between the existing cyber threat landscape and the current insurance programme
  • Enable optimal risk transfer and obtain cost-effective insurance by improving insurer’s understanding of the business

What are the benefits?
The benefits of Cyber-RAPID include:
  • Identification and analysis of exposures associated with cyber operations
  • Evaluation of the impacts of identified exposures
  • Improved Board awareness of cyber risks across the business
  • Structured approach to risk evaluation, control planning and resource allocation
  • Ensuring resources are allocated efficiently for risk mitigation activities
  • Increased compliance in corporate governance, legal and regulatory requirements and data protection
  • Ensuring optimal transfer of risk based on the cyber risk profile
  • Improved stakeholder confidence and trust
  • Increased brand protection

Related Service:
Cyber Risk Solutions

Contact us:

For further details please contact your local Willis Towers Watson office.

Cyber-RAPID factsheet:

Case study:

An international optometry business with 2,000 locally run partnerships, £2 billion in revenue and over 30,000 employees was implementing a new software platform while enhancing its e-commerce service offering.

As part of this work, senior management wanted to ensure its current cyber policy was fit for purpose, now and in the future. Willis Towers Watson was approached and subsequently recommended Cyber-RAPID which included:

  • One-to-one interviews with key participants from different parts of the business by specialist risk and cyber professionals – these generated a number of threats which were further defined and assessed
  • Open-source background checks to understand the existing cyber landscape and verify some of the points made during the interviews – findings were then fed back to the business
  • An open workshop to verify the findings and then collectively validate and evaluate the threats

The outcome of this was a consolidated cyber risk register which mapped threats against the existing insurance programme to assess whether the policy would respond and to what extent.

The mapping highlighted a number of gaps in the existing policy which led to further development of the insurance programme to ensure it met the organisation’s cyber risk profile.