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Cyber risk management for luxury brands

Luxury brands’ relationships with their customers are built on trust. If sensitive personal data is compromised, it can damage that trust, and the company’s reputation.

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WTW offers a bespoke service to help brands understand and mitigate their cyber risks, and protect their business if the worst happens.

Luxury brands tend to collect large amounts of personally identifiable information as part of providing a tailored experience for customers.

This can increase their exposure to financial losses and reputational damage if they fail to protect this information. The high profile of some brands – and customers – may make them a greater target for cyber criminals.

Data breaches involving payment card information have resulted in large losses for specialty retailers.

Phishing and ransomware attacks are becoming more sophisticated and dangerous.

A serious network failure could mean brands are unable to sell high value products, which can have a huge impact on earnings.

WTW takes an integrated, holistic approach to cyber risk management to help you manage these exposures across your enterprise and increase your cyber resilience.

Assessing, quantifying and preventing risks

The first priority for any brand is to understand your cyber risks and, if possible, prevent breaches from happening.

Our risk management service will help you assess the nature and levels of risks you face in your organisation and take action to reduce them. Services include:

  • Cyber risk assessment: a detailed assessment tailored to your business, in which we map out the key scenarios most likely to affect your business, assess the potential losses, and advise on mitigation measures.
  • Workforce cyber culture assessment and survey: two-thirds of cyber incidents result from employee error or malicious action. We can help you assess employees’ attitudes and behaviours, identify any vulnerabilities, and recommend changes to reduce insider risk.
  • Cyber quantified and Cyber risk profile diagnostic: these tools can help you measure the likely financial and reputational impact of a cyber threat and make strategic decisions on how to effectively allocate capital to high priority areas, including risk transfer decisions.
  • Technology support and advice:our advisory teams assess the level of technological risk specific to your situation, and work with our preferred technology partners to strengthen your defences and reduce the risk of an event happening.

Protecting your brand if an incident happens

Even the best planning may not be able to prevent all cyber threats. You also need plans in place to respond effectively and recover quickly if an incident happens.

We can provide a range of crisis management and risk transfer solutions to suit your needs.

Incident response planning

we’ll help you prepare for an incident by using tabletop exercises and scenario planning.

Crisis response

our cyber insurance can cover you for crisis response costs, such as hiring law and public relations firms, completing a forensic investigation and setting up call centre services.

Business and network interruption

our cyber insurance can cover you for crisis response costs, such as hiring law and public relations firms, completing a forensic investigation and setting up call centre services.

Cyber extortion

covers extortion payments in ransomware attacks, including payments in non-traditional crypto-currencies, such as bitcoin.

Network security and privacy liability

cover for third party liability and defence costs resulting from a cyber breach.

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