Risk management specialist, Marsh, has launched a cyber-modelling tool in response to the growing frequency of data breaches in the US.
Cyber IDEAL uses company-specific input and historical breach information to predict the probability and potential financial outcomes of cyber events.
According to Marsh, the tool will allow organisations to 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.
“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,” said Matthew McCabe, a senior vice president within Marsh’s Network Security and Privacy Practice. “With Cyber IDEAL, clients can take a lot of the guesswork out of insurance purchasing decisions and plan cyber security strategies with greater confidence.”