Cyber insurance companies often struggle to sell insurance to business managers, techies, and startups , despite it being a hugely important issue. However, there are now some tools available for these companies to get for free to help them do their job. Security services company CFC has released a new free tool to help companies sell (cyber) insurance plans.
The CFC’s new tool is called a “cyber risk heat map.” It’s a color-coded graph that ranks, by severity, various security issues that businesses related to business operations, privacy , and attacks. These issues vary by business type.
James Burns, a CFC executive, said that insurance services are mainly used by private businesses that handle sensitive data. However, data leakage is not the only risk that businesses face today.
“In reality, cybercriminals are increasingly targeting traditional businesses that have little or no sensitive data,” he said. They typically launch ransomware attacks that disrupt business operations or send deceptive emails with the aim of committing online fraud, most notably transferring money to accounts controlled by the hackers themselves.
“Insurers looking to start a conversation with customers about cyber insurance services should focus on issues that are relevant to their business. Our new ‘cyber risk heat map’ tool helps them easily identify the most important issues across industry sectors, while also providing some scenarios specific to specific customers.”
CFC's free tool provides insurance companies with the ability to easily and simply demonstrate to customers how cyber insurance works for specific industry sectors.
