Faraday, Lloyds Underwriters, deployed a third-party cyber risk platform from Northdoor to control delegated authority supply chain cyber risk
“We chose the North 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.
The challenge
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 Lloyd’s Minimum Standards and 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 lacked critical insight, leaving Faraday potentially open to cyber attacks via their supply chain.
The solution
- After a robust trial involving some of Faraday’s delegated authorities, Northdoor provided their AI-enhanced third-party cyber risk assessment platform.
- Northdoor also provides a managed service for the third-party cyber risk platform and associated activities.
- Customisation of delegated authority cyber risk assessment criteria if needed
Benefits of Northdoor’s third-party cyber risk platform
- 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.