Marsh has launched a cyber risk financing optimisation tool in Europe in a move it says will help firms manage their cyber risks more effectively, by enabling them to evaluate their insurance needs and exposures.
The first methodology of its kind, the model enables organisations across Europe to identify and evaluate the cyber risk scenarios they face, analyse their insurability and risk tolerance, and then model their insurable and non-insurable losses. The reporting data can then be used for risk financing, in the insurance market or through self-insurance.
Stephen Wares, Marsh’s cyber risk practice leader for Europe, the Middle East and Africa, said: “With thousands of cyber attacks taking place daily against organisations around the world, it is clear that for certain cyber crime groups, hacking is now the most effective means of achieving commercial or ideological gain.
“The ability for executive stakeholders to reassure external interests, including shareholders, investors and regulators, that the organisation has completed a thorough risk evaluation is becoming increasingly important. However, with so much background noise, it can be challenging to appreciate what is relevant and to be confident that cyber attacks with the potential to directly affect the organisation are understood.
“Marsh’s cyber risk financing optimisation model enables organisations to gain a more incisive understanding of their cyber risk exposures, allowing them to take informed decisions that can enhance their risk controls and ultimately their financial performance.”
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Marsh, Cyber, Europe, Stephen Wares