The cyber risk landscape is one of the fast growing sectors with attacks not only becoming more frequent, they are also affecting companies of all sizes and across all sectors. One of the key challenges facing businesses is the lack of tools and information services to help them become cyber savvy. This is where the European project, WISER, comes into play. WISER is rolling out a suite of tools tackling cyber risk management from different angles, from self-assessments to more sophisticated risk management models for complex IT systems. 

WISER was the focus of a recent article by market analyst, the Innovation Group: WISER - A framework for assessing cyber risks. In it, Giorgio Aprile, Head of Financial Institutions at Aon Italy, part of the leading global provider of risk management, insurance and reinsurance brokerage, talks through the tools WISER will be rolling out as part of its work plan.

Giorgio Aprile told the Innovation Group: "WISER is a risk management platform to help firms in operate more securely in the digital economy. In early 2016, WISER is rolling out a "first-entry" level tool for small firms. The tool will help firms make a self-assessment of their cyber risks based on the inputs provided, the type of data they are dealing with, their online presence, and possible use of e-commerce platforms. Firms will also be able to carry out penetration and vulnerability tests on any of the critical infrastructures detected. This kind of testing with the WISER platform will be non-intrusive, providing information on the level of risk the firm is facing". 

"In a second step, WISER will develop an in-depth monitoring service using sensors installed in the infrastructure, e.g. network and applications to detect any intrusions. This service will be the basis for developing more sophisticated models to assess the economic impact of a cyber attack or risk exposure. Insights from this service can be used to define cyber insurance coverage based on measurable risk parameters and cyber incidents".

WISER (Wide Impact Cyber Security Risk Framework) has received funding under Horizon 2020, the European Commission major investment in research and innovation. The  part of the programme on cyber security is aligned with the European Cyber Security Strategy aimed at strengthening Europe's resilience to cyber incidents. Funding innovation actions like WISER will help ensure Europe's industry stays ahead in the fast moving and ever important cyber security market. 

It is precisely the focus on taking new tools to market for European businesses that helped WISER secure Horizon 2020 funding, where Aon Italy played an instrumental during the proposal and follow-up phases. Giorgio Aprile leads the work for Aon Italy in WISER, working closely with five international partners: Atos, Spain; Trust-IT Services Ltd, UK; SINTEF, Norway, XLAB, Slovenia and REXEL Development, France. 

Adapted from the original Italian article by Elena Vaciago, The Innovation Group, WISER: un framework per valutare il rischio cyber, 5 November 2015.