Cyber business interruption tool calculates foreseeable lossesReprints
Beecher Carlson Insurance Services L.L.C., a unit of Brown & Brown Inc., has launched CyberSelect BI Vision, a cyber business interruption calculator for companies with networks across multiple divisions and locations.
The cloud-based tool is available to add to Beecher Carlson's CyberSelect cyber liability and data breach response policy, Beecher Carlson said Monday in a statement.
It enables companies to project maximum foreseeable loss to business income at multiple key locations in the case of a cyber attack, according to the statement.
The tool, created with Garden City, New York-based disaster and risk management firm Procor Solutions & Consulting L.L.C., collects financial information such as revenue flows and costs to create an estimated business income exposure.
Besides measuring potential overall impact, the calculator also captures expenses faced by companies when they are the target of a cyber attack, such as replacing hardware and software, Beecher Carlson said.
“While traditional business interruption valuation methods can be utilized to create a maximum foreseeable loss for 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,” Procor Executive Vice President Frank Russo said in the statement. “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.”