Below is an example of how Cyber Risk Matrix may look connecting Threat and Impact with Insurance Exposure (Click on Graphic to download)
Cyber Risk Matrix – Understanding the threats to your business.
Cyber Insurance is not a one size fits all policy; like every other type of insurance policy you purchase it needs to be tailored to the risk profile of your organisation. In the same way a fireworks factory has different physical risks than an accountant, the impacts to an online retailers business from cyber event will be different than to a transport and logistics firm.
Cyber Insurance is also not just about covering you for the credit card information that you hold, if you hold any at all, but protects your business from the costs associated with investigating the cause of the problem and rectifying it. These are the costs can escalate to the tens of thousands of pounds.
The Cyber Risk Matrix is designed to help you identify the cyber related threats to your organisation and the impacts they can have. The exposures you face are split into two distinct areas - First Party Losses and Third Party Liability
• First Party Losses are direct and consequential losses to the business following an insured event. The out of pocket expenses that you will incur following an incident.
• Third Party Liabilities are claims made against you as a result of your acts, errors or omissions, often relating to their personal information, but also for First Party Losses they may incur such as the inadvertent transmission of a virus.
A properly structured policy will not only be suited to your organisation but will also be more cost effective.
For more information on how these frameworks can be applied please contact us directly.