It’s a problem we all know about, but not many of us understand. As cyber risk grows around the world, mitigating and managing those ever-expanding threats is proving increasingly difficult. Now, one insurer is attempting to change that.
Hiscox has announced the launch of a new CyberClear Academy for customers worldwide – it is an online suite that contains cyber training content across nine learning modules. Among its features are diagnostic assessments to test knowledge, videos and interactive materials and refresher modules to help keep cyber at the front of clients’ minds.
“Like many other risks, cyber is indiscriminate – it affects businesses of all shapes and sizes,” explained Gareth Wharton, Hiscox Cyber CEO. “If a business experiences a cyberattack or breach, there will be many implications – lost revenue as a result of business interruption, the cost of remedial action, as well as the reputational impact – and a big business will have the firepower to recover far quicker than a small business.”
Another key element of the academy is that it addresses regulatory changes – such as GDPR which comes into force across the EU in May. It helps businesses understand their obligations particularly when it comes to protecting the data of their customers.
“Awareness of the cyber threat is therefore one of the most important parts of cyber risk management,” Wharton continued. “This is where cyber security training can really help. Educating your employees and building your human firewall should not be overlooked - a significant proportion of the cyber insurance claims we see are people related; somebody who inadvertently clicks on a suspicious link, or loses a device containing sensitive business information. Our recent Cyber Readiness Report highlighted that there are still too many cyber ‘novices’, so we want to do our bit to create more cyber ‘experts’.”
