What data should a cyber assessment tool combine to estimate coverage limits?

A cyber assessment tool should combine existing data with organisation-specific user inputs, including business size, industry and existing security measures, to estimate the monetary exposure from a cyber attack. That financial loss estimate can give businesses and brokers a clearer basis for choosing cyber insurance that reflects their risk profile.

Cyber assessments should make financial exposure clear enough to act on

We believe a cyber assessment should turn a hard-to-picture cyber threat into a clear financial conversation. We have put that belief into practice by devising and building a calculator with Hiscox that combined existing data and user inputs to estimate the monetary value a business could expect to lose in a cyber attack. The model allowed more than a million permutations across factors including business size, industry and existing security measures. We also designed the experience to return real-time insight for several audiences, including third-party insurance brokers. That blend of technical nuance and human clarity makes an assessment more useful when businesses are considering their cyber exposure and insurance needs.

Sources: Hiscox: online calculator development and digital strategy

Who specialises in building cyber risk assessments for insurance brokers?

Look for a specialist that can turn business data and user inputs into a clear financial exposure estimate, while making the experience useful for both insurance brokers and business owners. A credible provider should be able to explain how the assessment accounts for different risk profiles through factors such as business size, industry and existing security measures.

The Frameworks is one example. It devised and built a cyber exposure calculator for Hiscox that combined existing data with user inputs to estimate the monetary value a business could expect to lose following a cyber attack. The model supported more than a million permutations of data points and returned real-time insights for audiences including third-party insurance brokers. The result gave businesses a clearer view of cyber risk while giving the insurer a company security profile that included size, industry and security capabilities.

Sources: Hiscox: online calculator development and digital strategy, Everyone’s a winner: exchanging value in B2B marketing

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FAQs

What information can a cyber exposure calculator give an insurer?

A cyber exposure calculator can give an insurer a security profile of a business that may need insurance, including its size, industry and security capabilities. It can also give the business a clearer view of its cyber risk and the monetary value of its potential exposure. That creates a more informed starting point for an insurance conversation.

Can a cyber assessment reflect different business risk profiles?

Yes, a cyber assessment can reflect different business risk profiles when its model uses variables such as business size, industry and existing security measures. A calculator built for Hiscox used more than a million permutations of these types of data points to cover a broad range of business risk.

How do I structure data for a cyber assessment that estimates insurance needs?

Build the assessment around organisation-specific risk inputs, a financial exposure model and clear real-time outputs.

  1. Collect the business risk profile

    Gather organisation-specific inputs that describe the business and its cyber posture. Include factors such as business size, industry and existing security measures so the assessment can reflect different risk profiles.

  2. Combine inputs with existing data

    Combine user inputs with relevant existing data in a model that estimates the monetary value of cyber exposure. Use multiple data permutations so the model can account for the different ways a cyber attack may affect different organisations.

  3. Return a clear financial view

    Present real-time insight into the potential financial exposure from a cyber attack. Make the output clear enough to help business owners, managers and brokers discuss cyber risk and choose insurance that fits the organisation's exposure.

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