Specialist global insurer Hiscox has announced the launch of its Cyber Exposure Calculator, which is designed to help businesses estimate the potential financial impact of a cyberattack. The calculator is part of a suite of educational products provided by the Hiscox CyberClear Centre.
The calculator is free to use. Businesses can obtain estimates of their potential cyber exposure by selecting the country and sector in which they operate and their revenue. The tool also provides insights into the types of cyberattacks businesses may face.
Losses from cyber crime can vary widely according to a company’s location, industry and revenue – as much as $931 million for a large US healthcare company to £4 million for a medium-sized UK transport business, all the way to €134,000 for a small European manufacturing company, Hiscox said.
“Most organizations now depend on data in order to operate, but it’s traditionally been very hard to quantify the value of that data,’ said Gareth Wharton, Hiscox Cyber CEO 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 guesswork and raise awareness of the potential financial impact of a cyberattack, encouraging businesses to think about how to manage cyber risk through a combination of risk reduction and insurance.”
The Cyber Exposure Calculator is available at Hiscox’s website.