General Insurance Article - Hiscox launches free cyber exposure calculator


Hiscox has launched an innovative new Cyber Exposure Calculator, which is designed to help businesses estimate the potential financial impact they may face if they were the victim of a cyber-attack. The calculator is the latest in a suite of educational products provided by the Hiscox CyberClear Centre – Hiscox’s specialist global centre of cyber expertise.

 The Cyber Exposure Calculator is free to use, and by simply selecting the country and sector in which the business operates, along with its revenue, businesses can get a unique view of their potential cyber exposure and the value of the data they hold. The tool also provides some insights into the types of cyber-attacks their business may face. The results can be downloaded and shared offline to help guide further discussions within businesses on how to manage and mitigate the cyber risk.
 
 Hiscox worked with several consulting organisations to develop the Cyber Exposure Calculator. The calculator is underpinned by a ‘Value at Risk’ model which draws on cyber insurance claims data, threat data, industry reports, benchmarking data, cyber security insights, and real-world experience.
 
 The calculator shows that losses resulting from cyber-crime can vary widely according to a company’s location, industry and revenue; costing from as much as US$931 million for a large US healthcare company, to £4 million for a medium-sized UK transport business, or €134,000 for a small mainland European manufacturing company.
 
 Gareth Wharton, Hiscox Cyber CEO and Head of the Hiscox CyberClear Centre, commented: “Most organisations now depend on data in order to operate, but it’s traditionally been very difficult to quantify the value of that data. With hacker techniques increasing in sophistication and attacks becoming more targeted in their nature, it’s important that businesses fully understand the risks they face.

 “We’ve developed the Hiscox Cyber Exposure Calculator to help take away some of the guess work and raise awareness of the potential financial impact of a cyber-attack, encouraging businesses to think about how to manage the cyber risk through a combination of risk reduction and insurance.”
 
 The Cyber Exposure Calculator 
  

Back to Index


Similar News to this Story

Drivers who do not adjust their speed in wet weather
New research from Churchill Car Insurance reveals drivers are ignoring hazardous weather conditions and refusing to meaningfully reduce their speed wh
Insurance fraudster jailed who posed as victim and lawyer
A former government lawyer and Home Office border guard who used multiple identities in order to play the victim of a motor accident and then legally
The need for car insurance Green Card if No Deal Brexit
As Brexit comes speeding towards us, new consumer research commissioned by the British Insurance Brokers’ Association (BIBA) and the Association of Br

Site Search

Exact   Any  

Latest Actuarial Jobs

Actuarial Login

Email
Password
 Jobseeker    Client
Reminder Logon

APA Sponsors

Actuarial Jobs & News Feeds

Jobs RSS News RSS

WikiActuary

Be the first to contribute to our definitive actuarial reference forum. Built by actuaries for actuaries.