CFC improves cyber risk heatmap | Insurance business America
Cybercriminals are industry independent, says the head of cyber development
Cyber
By Terry Gangcuangco
The specialist insurer CFC has presented an updated version of its cyber risk heatmap. The tool now provides expanded detail on key risks affecting a wide range of industries, from construction to education to healthcare and logistics.
The free Cyber Risk Heatmap is based on extensive data drawn from thousands of claims managed by CFC over the past 25 years. It also takes into account trends observed by the company’s internal incident response team. The tool uses a simple, color-coded chart to rank the severity of exposure to business interruption, data breaches and cybercrime for different industries.
“There is a common misconception that cybercriminals are only interested in attacking companies that have sensitive data. In fact, our experience shows that criminals are industry agnostic and attack many who have no sensitive data at all,” noted Lindsey Nelson (pictured), cyber development lead at CFC.
“Cybercriminals are increasingly targeting traditional industries such as transportation and construction, as well as companies that provide professional services, whether through ransomware and extortion or through business email scams. The motive is to go after vulnerable rather than valuable companies because this is the easiest route to financial gain.”
To help brokers begin conversations with clients and highlight the real risks to their business, CFC has created a new version of its Cyber Risk Heatmap, focusing on the specific areas relevant to each industry sector. The updated heatmap also includes real-world scenarios specific to individual customer sectors, based on actual claims.
Nelson further commented: “It is critical that cyber insurers provide brokers with the tools they need to provide their clients with a realistic picture of the risks and costs they face in the event of an attack.” We We are committed to supporting our brokers and will develop additional sales aids in the coming months.”
To complement the Heatmap, CFC will introduce a series of industry-specific heatmaps, starting with professional services and healthcare. Additionally, brokers can leverage CFC’s existing ransomware calculator, which estimates the potential cost of ransomware attacks and provides actionable tips to prevent these attacks.
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2024-06-07 05:00:00
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