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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.

This service accommodates both the direct financial loss from a business interruption event but also financial loss from a privacy breach.

Although a serious network failure could mean brands are unable to sell high value products, which can have a huge impact on earning, it is often the privacy/liability exposures that create the most problems.

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

This increases their exposure to financial loss and reputational damage if they fail to protect this sensitive information. The high profile nature of luxury brands – and their customers – may make them a greater target for cyber criminals for cyber extortion, ransomware or phishing.

Data breaches involving payment card information have been seen to result in large losses for specialty retailers with phishing and ransomware attacks becoming more sophisticated and costly to the victims.

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: cyber incidents can 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

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

Cover includes loss of income, extra expenses and claims preparation costs arising from a network security breach.

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.

Connect with us to discover smarter ways of managing cyber risk.

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