New, free tool to help enterprises assess financial risk of cyberattacks
A successful cyberattack can have significant costs for a business, in terms of both reputation and finances. But what's the actual cost of an attack? And if you're looking at insurance how much should you be covered for?
To help answer those questions Safe Security is announcing two industry-first assessment tools to empower organizations to make financial decisions based on their actual cyber risk.
"Executive leadership from the CEO and board members, to CISOs, risk teams, and CFOs are asking questions like, 'how much will a cyber attack cost us?' Or, 'how much should our cyber insurance cost?' Today, those leaders either do not have a financial figure at all or possess a financial figure from a 'black-box' approach that they can’t explain or trust," says Saket Modi, co-founder and CEO of Safe Security. "Based on our research, Safe Security is offering organizations the opportunity to understand the financial impact of a cyber attack with full visibility into how the assessment is calculated so you can trust and explain the numbers. Knowledge is power, and our mission is to arm you with an unbiased assessment that can be used for risk discussions and insurance negotiations."
First is the Interactive Cost Calculator for cyberattacks, a free, tunable calculator that enables organizations to understand their potential financial risk due to a cyberattack. The easy-to-use assessment gathers specific data about the company and provides a cost estimate based on Safe Security’s model that takes into account cost drivers associated with security incidents. The output can be customized to the parameters of an organization to further refine the estimate.
Second is the Inside-Out Cyberinsurance Assessment which helps companies better understand their cyber health and reduce premiums. The assessment is open to companies that use a public cloud platform (AWS, Google Cloud, Microsoft Azure) and offersd specific guidance on how their cybersecurity risk posture compares to others in the same industry, how much coverage they need, and the top actions they should take to ensure a successful cyber insurance renewal.
You can find out more on the Safe Security site.