Beecher Carlson is set to introduce a new cyber business interruption calculator called CyberSelect BI Vision to add to CyberSelect insurance, the company’s proprietary cyber liability and data breach response policy.
CyberSelect BI Vision is a cloud-based tool for companies with simple, centralised networks or complex networks situated across multiple divisions and geographies.
This tool will allow companies to project maximum foreseeable loss to business income at one or more key locations, by network or division, in the event of a cyber-related disaster.
The proprietary calculator collects certain financial information and creates an estimated business income exposure specific to an organisation’s locations and applications.
CyberSelect BI Vision can also capture expenses faced by companies when they are the target of a cyber attack.
These expenses include replacing hardware and software as a result of damage from wiper viruses such as Shamoon, which destroyed more than 30,000 servers.
The process focuses on the specific revenue flows and costs at each particular entity, allowing companies to look at the impact on individual networks, technology applications and company divisions. The calculator combines those numbers to estimate an overall company impact.
Additionally, companies can adjust estimates based upon levels of reliance on technology and workarounds that may exist to reduce the impact of a cyber loss.
CyberSelect BI Vision was created in partnership with Procor Solutions and Consulting, a disaster planning, business interruption and claim preparation firm.
“While traditional business interruption valuation methods can be utilised to create a maximum, foreseeable loss for a cyber attack, the time frames for spending, rebuilding affected systems and reacting to such events are much more immediate for most cyber incidents and need to be carefully considered,” said Frank Russo, executive vice president at Procor.
“CyberSelect BI Vision’s functionality allows those who are most familiar with the cyber threats facing an organization to be involved in the business interruption valuation process.”
Christopher Keegan, national cyber practice leader at Beecher Carlson added: “Cyber insurance buyers need a tool they can use to evaluate risk, consider appropriate limits for cyber business interruption and also to understand the possible levels of recovery expenditures in the event of a cyber-attack.”
“The new tool allows companies to evaluate the benefits of new insurance policies that cover computer downtime from errors and also property damage and bodily injury caused by cyber-attacks that are excluded from some traditional property and casualty programmes.”
