Swiss Re Corporate Solutions and IBM are teaming up to develop what they believe will be a “market leading solution that focuses on pre-breach preparation as opposed to being purely aimed at risk transfer.”
SRCS and IBM Security believe that their product will be able to help corporations be better prepared and defend against increasingly sophisticated attacks.
While speaking at last week’s RIMS conference, Nikolaj Beck, the head of property/casualty and special lines at Swiss Re Corporate Solutions, stated “five years ago, everyone tried desperately to prevent a data breach, but nowadays people realize there is no way to prevent that. What you can do is try to mitigate the risk of being attacked and the data breach happening, and, should it happen, know how to deal with it. Our strategic partnership with IBM works on that – it’s working out what is the risk exposure for a client and what are their internal weaknesses in terms of system flaws. It’s about being smarter together.”
SRCS’ head of cyber, technology and construction, Willy Stössel explained that “once a company’s vulnerability has been assessed, the next move is to see if there are any appropriate risk transfer solutions. We really think we can make a difference with the pre-breach because it will help us to detect something earlier. That will help to bring down the time from the breach to detection which has a direct correlation to the payout.”