Marsh’s Cyber-Privacy Event Model: Analytics for Cyber Decision-Making
A privacy breach or cyber-attack can affect any company. Although no one can predict when a cyber-privacy event will occur, Marsh’s Cyber IDEAL (Identify Damages, Evaluate, and Assess Limits) Model quantifies for risk managers and other executives the likelihood that their company will incur a cyber breach and quantifies its potential severity. By customizing its analysis for business sectors and revenue bands, Cyber IDEAL mitigates the guesswork often associated with insurance-purchasing decisions.
While every company’s approach to cybersecurity is different, Marsh Global Analytics and Marsh’s FINPRO Practice developed the model to assist you in determining the most appropriate insurance limits and retentions.
Cyber IDEAL examines the potential for an unauthorized disclosure and estimates the likely cost per breach. Using US historical breach information dating back to 2005, the model determines the frequency and severity of cyber incidents using a one-year probability of a data-breach event. Data sources include Marsh’s proprietary cyber database, Privacy Rights Clearinghouse’s Chronology of Data Breaches, and Advisen’s online large-loss database, MSCAd.
Who It’s For
- Risk managers and others involved in the day-to-day purchasing of insurance.
- CFOs, treasurers, and other senior executives who need analytical data to support their defensive cyber decision-making with their board of directors.
- Companies that want to improve their analytical modeling of cyber risks.
What You Get
- Data-driven support for cyber decision-making.
- Ability to judge whether a data breach may exceed the limit of liability under a cyber liability policy.
- A range of potential outcomes from a data-breach event, and a breakdown of potential costs for each outcome.
- Industry-specific analytical cyber data.