CFC unveils improved cyber risk heat map

CFC unveils improved cyber risk heat map | Insurance Business Canada

Cyber

CFC unveils improved cyber risk heat map

Criminals are industry-agnostic, warns cyber development leader

Cyber

By
Terry Gangcuangco

Specialist insurance provider CFC has introduced an updated version of its cyber risk heat map. The tool now offers enhanced details on key exposures affecting a wide array of industry sectors, from construction and education to healthcare and logistics.

The cyber risk heat map, available for free, is built on extensive data derived from thousands of claims managed by CFC over the past 25 years. It also incorporates trends observed by the company’s in-house incident response team. The tool uses a straightforward, colour-coded graph to rank the severity of exposure to business interruption, privacy breaches, and cybercrime for different industries.

“There’s a common misperception that cybercriminals are only interested in attacking businesses that hold sensitive data, when in fact our experience shows that criminals are industry-agnostic, attacking many that hold no sensitive data at all,” noted Lindsey Nelson (pictured), cyber development leader at CFC.

“Cybercriminals are increasingly targeting traditional industries such as transport and construction to those providing professional services, whether through ransomware and extortion or business email compromise scams. The motive is to go after businesses that are vulnerable, rather than valuable, as the easiest route to financial gain.”

To assist brokers in initiating conversations with clients and highlighting the genuine risks to their businesses, CFC created a new version of its cyber risk heat map, zeroing in on the specific areas relevant to each industry sector. The updated heat map also includes real-life scenarios specific to individual client sectors, drawn from actual claims.

Nelson went on to comment: “It’s vital that cyber insurers give brokers the tools they need to provide their clients with a realistic picture of the risks they face and the costs they may face in the event of an attack. We’re committed to supporting our brokers and will continue to develop more sales aids over the coming months.”

To complement the heat map, CFC is set to introduce a series of industry-specific heat maps, beginning with professional service firms and healthcare. Additionally, brokers can utilize CFC’s existing ransomware calculator, which estimates the potential cost of ransomware attacks and offers actionable tips to help prevent them.

What do you think about this story? Share your thoughts in the comments below.