Hiscox launches cyber training centre

Bermuda-based specialist insurer Hiscox has launched a cyber training centre to help its cyber insurance customers worldwide mitigate and manage their cyber risks.

The Hiscox CyberClear Academy is an online interactive suite of cyber training content. The platform features diagnostic assessments to test existing knowledge and ensure that training is tailored to specific knowledge gaps.

Regulatory change is a key consideration when it comes to understanding the cyber risk, Hiscox noted. Under New York Cybersecurity, and the new General Data Protection Regulation (GDPR) which comes into force across Europe in May 2018, organisations now have a greater obligation to protect the data they hold and process. For many businesses, this will include customer information such as addresses, contact numbers, bank account or credit card details. The Hiscox CyberClear Academy is another way in which businesses can help to manage their regulatory obligations, the company noted.

“Like many other risks, cyber is indiscriminate – it affects businesses of all shapes and sizes,” said Hiscox cyber CEO Gareth Wharton. “If a business experiences a cyber-attack 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.

“Awareness of the cyber threat is therefore one of the most important parts of cyber risk management. 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’.”

Hiscox began writing cyber insurance in the late 1990’s and now sells cyber-specific products direct to consumers through its retail businesses in the UK, and via brokers and carriers through its UK, European, US, London Market and reinsurance operations to organisations of all sizes – from entrepreneurs to multi-nationals.

Hiscox’s move follows a similar undertaking by AXIS Capital Holdings which recently launched a cyber centre of excellence to provide products and solutions for mitigating cyber threats associated with companies’ tangible and intangible assets.

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