FAIR Institute Honors Outstanding Contributions to Cyber Risk Management at New York Gala
The prestigious 2025 FAIR Institute Awards were presented on November 4 in New York City, spotlighting significant advancements in cybersecurity and risk management utilizing the Factor Analysis of Information Risk (FAIR) model. This year, the awards ceremony marked a special milestone with a tie in the 'Cyber Risk Executive of the Year' category, reflecting the extraordinary contributions of both David Jordan, the Senior Vice President and Chief Information Security Officer of IHG Hotels & Resorts, and Robert S. Allen, Global Chief Information Security Officer and Responsible AI Officer at Gallagher.
In his acceptance speech, Jordan highlighted the invaluable role that the FAIR model has played in enhancing decision-making processes within organizations facing constant uncertainty. He stated, "For those of us in the CISO role, making informed choices is often complicated by limited access to information. The FAIR methodology, supported by the FAIR Institute, empowers us to make smarter decisions, ultimately easing our responsibilities."
Similarly, Allen underscored how integrating FAIR into their processes has fostered improved alignment across the executive team at Gallagher. He shared insights on how this approach directly ties the organization’s top risks to effective mitigations, showcasing substantial financial impacts like a remarkable $300 million in reduced residual risk.
The 'Cyber Risk Management Program of the Year' accolade was awarded to global luxury goods group Richemont. They successfully implemented the FAIR model across 25 brands, or Maisons, resulting in standardized risk analysis and improved executive engagement. Cyber Risk Manager Pierre Olodo expressed how utilizing FAIR has become central to their risk management strategy, allowing for visible management of exposure and informed prioritization of risk mitigations.
UPMC was recognized for their excellence in third-party risk management, employing FAIR principles to streamline vendor evaluations and reduce overall exposure. Senior Director Ryan George remarked on how FAIR translates third-party risks into business terms, enabling focused actions that lead to measurable improvements and significant financial savings.
Additionally, the awards celebrated innovation within the cyber insurance sector with the Cyber Insurance Innovation Award going to Mosaic Insurance, led by Global CISO Jay Vinda. By implementing FAIR in underwriting practices, Mosaic demonstrated how a deeper understanding of clients' cyber risk postures can lead to significant discounts on insurance premiums.
The event also acknowledged individual contributions to the FAIR community with the Denny Wan FAIR Ambassador Awards, granted to Prometheus Yang in APAC, Laura Voicu in Europe, and AJ Anand in North America. All recipients were recognized for their commitment to advancing the FAIR model through mentorship, advocacy, and community engagement.
This year's gala not only celebrated the pioneering efforts of the winners but also marked a significant direction for organizations increasingly relying on quantitative and disciplined approaches to cyber risk management. The FAIR Institute’s inclusive community, boasting over 18,000 members, aims to further enhance the conversation surrounding how organizations measure and manage operational risks effectively. As cybersecurity threats continue to evolve, the dedication shown by this year’s award recipients reflects a commitment to navigating the complex landscape of cyber risk with confidence and innovation.
For more details on the winners, finalists, judging panel, and the ongoing efforts of the FAIR Institute, visit their blog at fairinstitute.org. This event is a testament to the importance of proactive management of cyber risks in the ever-changing digital landscape of today’s businesses.
In his acceptance speech, Jordan highlighted the invaluable role that the FAIR model has played in enhancing decision-making processes within organizations facing constant uncertainty. He stated, "For those of us in the CISO role, making informed choices is often complicated by limited access to information. The FAIR methodology, supported by the FAIR Institute, empowers us to make smarter decisions, ultimately easing our responsibilities."
Similarly, Allen underscored how integrating FAIR into their processes has fostered improved alignment across the executive team at Gallagher. He shared insights on how this approach directly ties the organization’s top risks to effective mitigations, showcasing substantial financial impacts like a remarkable $300 million in reduced residual risk.
The 'Cyber Risk Management Program of the Year' accolade was awarded to global luxury goods group Richemont. They successfully implemented the FAIR model across 25 brands, or Maisons, resulting in standardized risk analysis and improved executive engagement. Cyber Risk Manager Pierre Olodo expressed how utilizing FAIR has become central to their risk management strategy, allowing for visible management of exposure and informed prioritization of risk mitigations.
UPMC was recognized for their excellence in third-party risk management, employing FAIR principles to streamline vendor evaluations and reduce overall exposure. Senior Director Ryan George remarked on how FAIR translates third-party risks into business terms, enabling focused actions that lead to measurable improvements and significant financial savings.
Additionally, the awards celebrated innovation within the cyber insurance sector with the Cyber Insurance Innovation Award going to Mosaic Insurance, led by Global CISO Jay Vinda. By implementing FAIR in underwriting practices, Mosaic demonstrated how a deeper understanding of clients' cyber risk postures can lead to significant discounts on insurance premiums.
The event also acknowledged individual contributions to the FAIR community with the Denny Wan FAIR Ambassador Awards, granted to Prometheus Yang in APAC, Laura Voicu in Europe, and AJ Anand in North America. All recipients were recognized for their commitment to advancing the FAIR model through mentorship, advocacy, and community engagement.
This year's gala not only celebrated the pioneering efforts of the winners but also marked a significant direction for organizations increasingly relying on quantitative and disciplined approaches to cyber risk management. The FAIR Institute’s inclusive community, boasting over 18,000 members, aims to further enhance the conversation surrounding how organizations measure and manage operational risks effectively. As cybersecurity threats continue to evolve, the dedication shown by this year’s award recipients reflects a commitment to navigating the complex landscape of cyber risk with confidence and innovation.
For more details on the winners, finalists, judging panel, and the ongoing efforts of the FAIR Institute, visit their blog at fairinstitute.org. This event is a testament to the importance of proactive management of cyber risks in the ever-changing digital landscape of today’s businesses.
Topics Business Technology）
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