MGA CFC Underwriting Launches Tool That Calculates Ransomware Costs

November 30, 2021

CFC Underwriting, the specialist managing general agent, has released a new tool designed to help customers understand the potential cost of a ransomware attack to their business.

“Ransomware threats are one of the most serious cyber threats facing modern businesses. Events of this type are disproportionately expensive, wreaking havoc on a business on many levels from the extortion demand itself to the costs of rebuilding data and systems,” said CFC’s Cyber Claims Director Roger Francis.

By entering just four simple pieces of information about their organization, businesses can immediately get low, medium, and high severity ransomware loss estimates.

These are based on the assessment of thousands of claims handled by CFC and take into account the impact of a number of factors including ransom demands, loss of profits, forensic costs, business resumption activities and the ancillary costs associated with recovery, such as legal or crisis communications costs, said the company in a statement.

Users can also download a more detailed report explaining the cost breakdown and methodology used.

“It’s vital that businesses get a realistic view of how ransomware could impact their bottom-line, so it can inform the type and amount of coverage they buy,” said Francis. “Our new ransomware calculator provides an easy-to-use tool enabling businesses – and their brokers – to get an instant estimate of what a ransomware incident might look like, all based on rigorous methodology.”

Specializing in emerging risk and a market leader in cyber, CFC is headquartered in London with offices in New York, Austin, Brussels and Brisbane. CFC has over 500 staff and is trusted by more than 100,000 businesses in 90 countries.

Source: CFC Underwriting

Topics Cyber Underwriting Insurance Wholesale

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