Gain confidence in your cyber insurance coverage
Knowing your total cyber liability is a key first step for insurance. In conducting an insurance review for a client, we found that their policy limits were less than 10% of the potential costs involved in a breach. Your business needs to ensure that coverage and premiums correctly match your risk profile.
Cyber Liability Calculator FAQ’s:
How do we calculate the results?
The calculations in this Cyber Liability Calculator use a variety of sources, including:
- Statista
- State of Ransomware 2024
- Sophos
- Industry statistics and more.
When a range has been provided, we set the calculation to the lowest value of the range in order to be conservative.
⚠️ Use this calculator to help your business estimate potential losses from a cyber incident. It does not estimate cyber insurance premiums, and the results should not be considered exact or actual loss calculations.
Why did we create this calculator?
In conducting a cyber insurance review for a client, we identified that their policy limits were less than 10% of the potential costs involved in a breach. The client’s insurance agent had sold them a policy available without knowing how to quantify cyber risk.
So, we created this calculator to help businesses estimate the potential financial impact from a cyber incident. While this isn’t a cyber insurance cost calculator, this is useful for preparing for a cyber insurance application or renewal.
Does this tool tell me how much cyber insurance will cost?
No. This calculator does not estimate cyber insurance costs or premiums.
But, this tool does help you make informed decisions about how much cyber insurance coverage you might need. While this calculator does not estimate cyber insurance premiums, it does estimate potential losses from a cyber incident – a key first step in understanding your total liability. This is important because your business should ensure that both coverage and premiums accurately reflect your risk profile. But keep in mind that the results should not be considered exact or actual loss calculations.
What is cyber liability?
Cyber liability refers to the legal and financial responsibilities businesses face in the event of a cyber attack, data breach, or other security incidents. It encompasses the financial risks associated with protecting sensitive data, maintaining the security of digital systems, and ensuring compliance with regulations.
⚠️ Use this calculator to help your business estimate potential losses from a cyber incident. It does not estimate cyber insurance premiums, and the results should not be considered exact or actual loss calculations.
What is cyber liability Insurance? (Also referred to as cyber insurance)
Cyber liability insurance, or cyber insurance, helps organizations cover the costs related to information security incidents, such as legal fees, data recovery, business interruption, and any resulting damages. Essentially, it provides financial protection and support in the aftermath of cyber-related incidents or breaches.
Reach out to Birmingham Consulting for help with crunching the numbers!
Chat with our team and include what you want to focus on from your Cyber Liability Calculator results – and don’t forget to send the results to your email (bottom of Page 2) to have handy!
Use this calculator to help your business estimate potential losses from a cyber incident. It does not estimate cyber insurance premiums, and the results should not be considered exact or actual loss calculations.
