Tool launches against the backdrop of a hardening cyber insurance market and rising claims

As the number of organisations purchasing cyber insurance continued to increase in 2021, insurers recognised the need to review insureds’ controls to shore up risks within their cyber portfolio and better manage projected claims.

Aviva has begun using the Cyber3 assessment risk assessment tool to measure insured’s cyber risk management maturity levels and help determine appropriate limits. It can also strengthen businesses’ resilience to cyberattacks whilst increasing the understanding of risk across their books.

“The safety and security of private and sensitive data is high on all businesses agendas,” said Justin Linney, head of risk management, Mid Market and Digital at Aviva.

Neil Hare-Brown, CEO at STORM Guidance, added: “We look forward to supporting their customers on the journey towards cyber resilience. We’re pleased to see the Cyber3 assessment being utilised by pioneering insurers in the regulation of risk, and the provision of solutions to defend their insureds’ against cyberattacks.

“The continuing rise in cyber incidents and the high cost of claims is driving insurance premiums, and firms need to address this with better risk management to contain their exposures.”