Faraday, Lloyds Underwriters, deployed RiskXchange from Northdoor to control delegated authority supply chain cyber risk
“We chose the RiskXchange platform to enhance and automate security governance of our delegated authorities.
As well as supporting security and regulatory compliance, it removes a lot of the burden from both ourselves and our DAs.”
Compliance Manager, Faraday.
As one of Lloyd’s of London’s largest syndicates, Faraday underwrites a diverse range of risks worldwide, developing close and mutually supportive relationships with clients and brokers in their chosen markets. Their customers are at the heart of everything they do. To serve the needs of their customers they rely on a network of delegated authorities, or coverholders, to provide the insurance products and services.
To meet the Lloyd’s Minimum Standards, compliance requirements, and protect Faraday’s data, systems and reputation they need to ensure their delegated authorities have appropriate cyber security processes, controls and technology in place. Typically this was done via a lengthy, questionnaire-based process that was prone to delays and lacking in critical insight – leaving Faraday potentially open to cyber attack via their supply chain.
- After a robust trial involving some of Faraday’s delegated authorities, Northdoor provided the RiskXchange AI-enhanced cyber risk assessment platform.
- Northdoor and RiskXchange also provide a managed service for the RiskXchange platform and associated activities.
- Customisation of delegated authority cyber risk assessment criteria if needed
Benefits of RiskXchange
- Persistent, consistent and automated cyber risk assessment of Faraday’s delegated authorities / coverholders
- Helps protect Faraday’s data, systems and reputation from damage due to a cyber breach originating in their supply chain
- Supporting Faraday’s compliance activities and meeting the Lloyd’s Minimum Standards for Cyber Resilience and Data Management
- Enables Faraday and their delegated authorities to focus more of their time on key business activities and serving their customers
- Ensures all actions and remediations relating to supply chain cyber risk are completed in a timely manner
- Provides a common platform and standards for cyber risk assessment across the broader group of Gen Re Corporation and Berkshire Hathaway.