(STL.News) – Chubb has enhanced its proprietary Chubb Cyber IndexSM with upgraded features that 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.
“Since first launching in 2018, this award-winning tool has given users access to real-time data on current and historical cyber threats. By integrating Chubb’s global capabilities and these new robust risk analysis features, we are now able to offer entities a view into the tangible ramifications of a digital attack,” said Michael Tanenbaum, Executive Vice President, Head of Chubb Cyber North America. “With these feature enhancements, the Chubb Cyber Index provides an industry leading digital resource that enables users to pinpoint their individual exposures and provides them with the resources and tools to better protect their organizations.”
The newly enhanced Chubb Cyber IndexSM 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.
In addition, the new user-friendly interface of the Chubb Cyber IndexSM, which is accessible via desktop and mobile device, now 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.
“The addition of insights and claims data from around the world makes the Chubb Cyber Index an essential tool to help businesses evaluate and combat the changing nature of cyber exposures,” said Tim Stapleton, Senior Vice President, Cyber & Technology Practice Leader, Chubb Overseas General. “Managing cyber risk will always be challenging due to the multi-faceted and rapidly moving threat vectors. The enhanced Chubb Cyber Index now enables users from all over the globe to benefit from our international claims data and examine the potential impact of their individual business exposures in granular detail.”
With more than two decades of claims data and experience, 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.