Client Profile:
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Company: Fortune 500 Manufacturing Company
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Industry: Industrial Manufacturing
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Challenge: Soaring cyber insurance premiums despite no major security incidents
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Solution: Engagement with Michael Chen, CCRS, Cyber Risk Strategist
The Situation:
A global manufacturing company faced a 200% increase in cyber insurance renewal quotes despite having no claims history. The insurance provider cited “inadequate risk quantification and governance” as the primary reason. The company’s internal security team lacked the strategic framework to effectively challenge this assessment.
The Approach:
Michael Chen, a GAMTS Certified Cybersecurity Risk Strategist (CCRS), was engaged to:
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Conduct a Strategic Risk Assessment:
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Mapped critical business processes to specific cyber threats
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Quantified potential financial impact using FAIR methodology
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Evaluated existing controls against the NIST Cybersecurity Framework
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Develop Executive-Level Documentation:
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Created a comprehensive risk register with business-impact alignment
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Built a board-level dashboard showing risk reduction initiatives
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Documented a formal risk treatment plan with clear accountability
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Facilitate Insurance Negotiations:
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Prepared a strategic briefing package for insurance underwriters
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Demonstrated measurable improvement in risk posture
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Provided third-party validation of the risk management program
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The Results:
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35% Reduction in cyber insurance premiums at renewal
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$2.8M in projected savings over three years
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60% Improvement in board understanding of cyber risk
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Faster Claims Process due to better documentation and controls
What the Client Said:
“Michael’s CCRS credential gave him immediate credibility with both our board and insurance providers. He didn’t just speak about security—he spoke about business risk in financial terms everyone understood. The framework he implemented continues to pay dividends beyond just insurance savings.”
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Sarah Johnson, CISO
GAMTS GMCR