Hiscox has launched a cyber exposure calculator 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.
The free-to-use cyber exposure calculator works by selecting the country and sector in which the business operates, along with its revenue.
Businesses can get a view of their potential cyber exposure and the value of the data they hold.
The tool also provides insight into the types of cyber attacks their business may face. The results can be downloaded and shared offline.
Hiscox worked with several consulting organisations to develop the calculator, which is underpinned by a ‘value at risk’ model that draws on cyber insurance claims data, threat data, industry reports, benchmarking data, cyber security insights, and real-world experience.
Gareth Wharton, Hiscox Cyber chief executive officer 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.”
Hiscox launched an enhanced version of its Security Incident Response product in May, to provide additional protection for risks such as corruption and fraud.
The new SIR policy also includes cover for expenses incurred by a business when dealing with an insured event.