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Marsh has announced the launch of a new cyber breach modelling tool, enabling clients to make more informed choices when determining the right amount of cyber insurance to purchase.
Given the growing frequency and severity of data breaches occurring in the US, properly protecting an organization’s assets from such threats has become critical, yet has its challenges.
Cyber IDEAL uses company-specific input and historical breach information to predict the probability and potential financial outcomes of a full range of cyber privacy events.
Marsh says that with this new tool, organizations can obtain an assessment not only of the probability of a future cyber incident occurring at their firm but also the probability of, and likely costs associated with, resulting actions. These could include forensic investigations, credit monitoring, regulatory fines and penalties, and lawsuits. Armed with this data, organizations can better assess the appropriate amount of cyber insurance they should purchase.
“In today’s environment, where data breach incidents in the US are occurring more frequently and having a greater impact on firms, risk managers want to be able to better protect their companies against this growing threat,” says Matthew McCabe, a senior vice president within Marsh’s network security and privacy practice.
Cyber IDEAL is the newest addition to Marsh’s award-winning IDEAL (Identify Damages, Evaluate, and Assess Limits) suite of dynamic decision support tools.
McCabe concludes: “With Cyber IDEAL, clients can take a lot of the guesswork out of insurance purchasing decisions and plan cyber security strategies with greater confidence.”
Marsh, cyber, modelling, cyber IDEAL, Matthew McCabe