International specialist insurer and reinsurer, Hiscox, has announced the launch of the Hiscox CyberClear Academy, an online interactive suite of cyber training content accredited by the UK’s cyber security intelligence agency, GCHQ.
Cyber risk remains a key challenge and opportunity for the global insurance and reinsurance industry, and in light of its constant evolution and expanding threat, risk transfer players have been establishing cyber risk platforms, solutions, and advisory services in order to better understand and manage cyber exposures.
With the launch of its CyberClear Academy, specialist re/insurer Hiscox is one company doing just that. Made up of nine modules, the platform includes diagnostic assessments to test current knowledge of the risk, and also to ensure that training is tailored to specific knowledge gaps.
The platform includes both videos and interactive material, and also features some refresher modules so that cyber security remains at the forefront. Hiscox notes that the platform is intuitive and simple to use, and provides managers with the capacity to check the progress and results of their staff.
Hiscox Cyber Chief Executive Officer (CEO), Gareth Wharton, commented: “Like many other risks, cyber is indiscriminate – it affects businesses of all shapes and sizes. If a business experiences a cyber-attack or breach, there will be many implications – lost revenue as a result of business interruption, the cost of remedial action, as well as the reputational impact – and a big business will have the firepower to recover far quicker than a small business.”
As new regulation and regulatory changes comes into force around the world, such as rules under the New York Cybersecurity and the new General Data Protection Regulation in Europe, Hiscox said that its CyberClear Academy provides businesses with another way in which they can manage their regulatory obligations.
“Awareness of the cyber threat is therefore one of the most important parts of cyber risk management. This is where cyber security training can really help. Educating your employees and building your human firewall should not be overlooked – a significant proportion of the cyber insurance claims we see are people related; somebody who inadvertently clicks on a suspicious link, or loses a device containing sensitive business information. Our recent Cyber Readiness Report highlighted that there are still too many cyber ‘novices’, so we want to do our bit to create more cyber ‘experts,” continued Wharton.