CFC, a specialist insurance provider, has updated its cyber risk heat map to offer more detailed insights into key exposures across various industry sectors such as construction, education, healthcare, transport, and logistics.
Drawing from CFCs own claims data and external trends observed by its incident response team, this user-friendly tool presents a colour-coded graph ranking the severity of exposure to business interruption, privacy breaches, and cybercrime for different industries.
Lindsey Nelson, Cyber Development Leader at CFC, explains, “There’s a common misperception that cybercriminals are only interested in attacking businesses that hold sensitive data, when in fact our experience shows that criminals are industry agnostic, attacking many that hold no sensitive data at all.”
She continues, “Cybercriminals are increasingly targeting traditional industries such as transport and construction to those providing professional services, whether through ransomware and extortion or business email compromise scams. The motive is to go after businesses that are vulnerable, rather than valuable, as the easiest route to financial gain.
“To help brokers start the conversation with these clients and demonstrate that the risk to their businesses is very real, we’ve created a new version of our cyber risk heat map which hones in on the areas that are truly relevant to each industry sector.”
To further assist brokers, CFC’s heat map includes industry-specific scenarios based on real claims to illustrate potential risks.
Additionally, brokers can utilise CFC’s free ransomware calculator, which estimates potential costs based on historic data and provides actionable prevention tips.
Nelson concludes, “It’s vital that cyber insurers give brokers the tools they need to provide their clients with a realistic picture of the risks they face and the costs they may face in the event of an attack. We’re committed to supporting our brokers and will continue to develop more sales aids over the coming months.”
CFC plans to expand its heat map offerings with industry-specific versions, starting with professional service firms and healthcare.
