Hiscox Launches Cyber Exposure Calculator
Hiscox has launched a new Cyber Exposure Calculator designed to help businesses estimate the potential financial impact they may face if they were the victim of a cyber attack.
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 some insights into the types of cyber attacks their business may face and the results can be downloaded and shared.
Hiscox worked with several consulting organizations 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.
“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 Cyber CEO and Head of the Hiscox CyberClear Centre, Gareth Wharton.