Global specialist insurer Hiscox has announced the launch of its Cyber Exposure Calculator, an online tool designed to help companies estimate the potential financial impact of a cyber attack.
The calculator, which is free to use, provides a number of insights into the types of cyber attacks a business may face.
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 in the development of the Cyber Exposure Calculator.
The tool is underpinned by a ‘Value at Risk’ model which draws on cyber insurance claims data, threat data, industry reports, bench-marking 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,” said Gareth Wharton, Hiscox Cyber Chief Executive Officer and Head of the Hiscox CyberClear Centre.
“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.”