Chubb has enhanced its proprietary Chubb Cyber Index with upgraded features designed to help identify a range of global cyber threats based on an organization’s industry and size. The new tool also offers cost analysis, insights on cyber insurance limits and deductibles, and an estimated incident costs calculator that helps organizations better understand how to protect themselves against current and emerging cyber threats.
The tool, first launched in 2018, gives users access to real-time data on current and historical cyber threats, said Michael Tanenbaum, executive vice president, head of Chubb Cyber North America, who added by integrating Chubb’s global capabilities and these new risk analysis features, Chubb can now offer entities a view into the tangible ramifications of a digital attack.
The newly enhanced Chubb Cyber Index now provides additional insight into costs that go beyond potential loss, such as cost of incident response support services, that are designed to help organizations get back to productivity quickly. Since 2009, forensics have been the top driver of cyber claims cost (31%), with an average paid incident response cost of $173,193; forensics also was the top driver of cyber claims costs for the last five years, making up 42.6% of total claims costs. The average paid incident response costs for forensics within that same timeframe was $172,094, according to Chubb.
In addition, the new interface of the Chubb Cyber Index, which is accessible via desktop and mobile device, offers a quantifiable and detailed means for quickly identifying the cyber risks a business may face. Users can now access resources centered on industry and size-specific incident response costs, insights on cyber insurance limits and deductibles, international data, and a library of whitepapers, videos, and other research materials specific to the size and industry in which a company operates.
Chubb’s resources help to provide a holistic analysis of cyber trends and behaviors that are used to help inform clients from a range of industries about their potential exposures, the root of various threats, and how they can impact businesses. For example, human error has been the cause of 22% of all cyber incidents reported to Chubb across all industries and revenue sizes on a global basis since 2009. However, in the last complete year (2018), and on a global basis, social-related risks, such as phishing, have taken the lead at 27%. In addition, since 2009, on a global basis, 54% of all cyber incidents reported to Chubb have been caused by an external force with which the organization did not have a relationship.
The Chubb Cyber Index is free to use and can be accessed at www.chubbcyberindex.com.
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