Marsh has launched its new Cyber IDEAL Model for risk managers to better protect their companies.
The broker has released the model in response to “frequent and severe” data breaches, occurring in the US, which it claims have become “critical”.
With Cyber IDEAL, organisations can obtain an assessment of a future cyber incident and the likely associated costs, according to Marsh.
The model uses company-specific input and historical breach information to predict potential financial outcomes of cyber privacy events.
Matthew McCabe senior vice president of Marsh’s network security and privacy practice, said: “With Cyber IDEAL, clients can take a lot of the guesswork out of insurance purchasing decisions and plan cyber security strategies with confidence.”
In Marsh's captive benchmarking report 2014, it states that common non-traditional coverages in captives such as cyber captives, are 'gaining momentum' and the "percentage of companies running cyber liability through their captive is gradually
increasing."
Although new, "it is a trend expected to continue in the near future for captive arrangements", according to the report.
