New tool to offer businesses ‘realistic view’ of ransomware costs
CFC, the specialist insurance provider focused on emerging risk and cyber, has launched a new tool designed to help businesses and their brokers understand the potential cost of a ransomware attack.
The tool calculates ransomware loss estimates based on “four simple pieces of information” about the organisation/business, said CFC, enabling them to access a detailed report explaining the cost breakdown and methodology used.
These are based on the assessment of thousands of claims handled by CFC and take into account the impact of a number of factors including ransom demands, loss of profits, forensic costs, business resumption activities and the ancillary costs associated with recovery, such as legal or crisis communications costs.
“Ransomware threats are one of the most serious cyber threats facing modern businesses. Events of this type are disproportionately expensive, wreaking havoc on a business on many levels from the extortion demand itself to the costs of rebuilding data and systems,” said CFC’s cyber claims director Roger Francis (pictured).
Francis added: “It’s vital that businesses get a realistic view of how ransomware could impact their bottom-line, so it can inform the type and amount of coverage they buy. Our new ransomware calculator provides an easy-to-use tool enabling businesses – and their brokers – to get an instant estimate of what a ransomware incident might look like, all based on rigorous methodology.”
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