New model predicts probability and potential outcomes of cyber privacy events
New York, NY (July 16, 2014) – Given the growing frequency and severity of data breaches occurring in the US, properly protecting an organization’s assets from such threats has become critical. Determining the proper amount of cyber insurance to purchase, however, can be challenging.
To enable clients to make more informed choices, Marsh today announced the launch of a new cyber breach modeling tool that uses company-specific input and historical breach information to predict the probability and potential financial outcomes of a full range of cyber privacy events.
With Cyber IDEAL, organizations can obtain an assessment not only of the probability of a future cyber incident occurring at their firm but also the probability of, and likely costs associated with, resulting actions. These could include forensic investigations, credit monitoring, regulatory fines and penalties, and lawsuits. Armed with this data, organizations can better assess the appropriate amount of cyber insurance they should purchase.
“In today’s environment, where data breach incidents in the US are occurring more frequently and having a greater impact on firms, risk managers want to be able to better protect their companies against this growing threat,” said Matthew McCabe, a senior vice president within Marsh’s Network Security and Privacy Practice. “With Cyber IDEAL, clients can take a lot of the guesswork out of insurance purchasing decisions and plan cyber security strategies with greater confidence.”
Cyber IDEAL is the newest addition to Marsh’s award-winning IDEAL (Identify Damages, Evaluate, and Assess Limits) suite of dynamic decision support tools.
Marsh is a global leader in insurance broking and risk management. We help clients succeed by defining, designing, and delivering innovative industry-specific solutions that help them effectively manage risk. We have approximately 27,000 colleagues working together to serve clients in more than 100 countries. Marsh is a wholly owned subsidiary of Marsh & McLennan Companies (NYSE: MMC), a global professional services firm offering clients advice and solutions in the areas of risk, strategy, and human capital. With more than 54,000 employees worldwide and approximately $12 billion in annual revenue, Marsh & McLennan Companies is also the parent company of Guy Carpenter, a global leader in providing risk and reinsurance intermediary services; Mercer, a global leader in talent, health, retirement, and investment consulting; and Oliver Wyman, a global leader in management consulting.