London, UK (June 17, 2019) – Hiscox, the specialist global insurer, 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 is available at www.hiscoxgroup.com/cyberexposurecalculator.
The calculator provides an estimate of the value of a company’s data and has been designed for educational purposes only. This tool is not intended to be and should not be taken as providing any professional advice, and should not be relied upon or used by a business as the basis for making decisions. The cyber threat is continually evolving, and therefore Hiscox strongly recommends that additional advice is taken before buying risk reduction or risk transfer products.
About The Hiscox Group
Hiscox is a global specialist insurer, headquartered in Bermuda and listed on the London Stock Exchange (LSE:HSX). Our ambition is to be a respected specialist insurer with a diverse portfolio by product and geography. We believe that building balance between catastrophe-exposed business and less volatile local specialty business gives us opportunities for profitable growth throughout the insurance cycle. It’s a long-standing strategy which in 2018 saw the business deliver a profit before tax of $137.4 million in a challenging year for insurers.
The Hiscox Group employs over 3,300 people in 14 countries, and has customers worldwide. Through the retail businesses in the UK, Europe, Asia and the US, we offer a range of specialist insurance for professionals and business customers as well as homeowners. Internationally traded, bigger ticket business and reinsurance is underwritten through Hiscox London Market and Hiscox Re & ILS.
Our values define our business, with a focus on people, quality, courage and excellence in execution. We pride ourselves on being true to our word and our award-winning claims service is testament to that. For more information, visit www.hiscox.com.
Source: HiscoxTags: cyber risk, Hiscox, launch