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New York-based Allied World Assurance Co.'s FrameWRX is a platform that provides a set of cyber risk management solutions to its cyber insurance policyholders, enabling them to become proactive participants in their own data security.
Allied World//FrameWRX offers a series of cyber security-related services to policyholders of Allied World's suite of Privacy//403 Specified Response Vendor Solution cyber liability policies. Policyholders are automatically enrolled in the framework at no additional charge.
Participation begins within a week after policies are bound, as the team at Allied World Assurance, a unit of Allied World Assurance Co. Holdings A.G., works with clients to familiarize them with the process and schedule their first service.
“One of the bigger obstacles to overcome is keeping (policyholders) on the phone long enough to understand it's not a sales call,” said Joshua M. Ladeau, Farmington, Connecticut-based vice president and practice lead for privacy and network security for Allied World.
From there, the team tracks engagement in, and completion of, subsequent services and interacts with breach response specialist vendors on behalf of clients as needed.
Services that FrameWRX offers include access to the Allied World Assurance eRiskHub Portal; compliance, training and awareness online risk management resources; an anomaly monitoring service, which is a software tool that helps clients identify anomalous activity or behavior on their network; and payment card industry education.
Also offered is a guided online cyber risk self-assessment portal, an on-site visit to address cyber risk management concerns and strategies for boards and senior-level management, and a table top exercise.
The framework has earned Allied World Assurance a 2016 Innovation Award from Business Insurance.
Research and development was implemented in 2010 and, following revisions, was ultimately launched in July 2015, Mr. Ladeau said.
Mr. Ladeau said the platform grew out of an understanding of the need for a “holistic approach to cyber risk management.”
“One of the big issues, historically, has been getting folks to engage” in the cyber risk management process, he said. With FrameWRX, direct contact is maintained throughout the policy period, so the client is engaged in each segment in depth before moving on to the next, which culminates in the table top exercise, Mr. Ladeau said.
With the table top exercise, clients receive a mock privacy incident fact set and are asked to respond in real time. It enables Allied World Assurance to provide a cyber security readiness report at the end of a policy period, so that going into the next policy period the policyholder can build further on the services the framework provides, using the first year as a baseline, he said.
Response to the program has been positive, said Mr. Ladeau. “It's certainly a significant uptick to what we've experienced historically ... just in terms of the raw engagement numbers,” he said.
According to Allied World Assurance, since launching the platform the insurer has gone from no engagement in its prior risk management offering over a five-year period to having one out of every five privacy and network security policyholders engaging in FrameWRX within six months of launch.
Alastair Malcolm, founder and CEO of Faversham, England-based XS Reserve Ltd., is no stranger to innovation, having been at the forefront of the development of excess-of-loss credit insurance coverage some 30 years ago.