London, UK (25 April 2018) – Specialist global insurer Hiscox has launched a new CyberClear Academy, designed 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, made up of nine learning modules. The platform features diagnostic assessments to test existing knowledge and ensure that training is tailored to specific knowledge gaps. There is a mixture of videos and interactive material, as well as refresher modules to help keep cyber security front of mind. It is intuitive and easy to use, and provides managers with the capability to check their staff’s progress and results. In addition, the course is accredited by GCHQ, the UK’s intelligence agency responsible for cyber security.
Regulatory change is another key consideration when it comes to understanding the cyber risk. Under New York Cybersecurity, and the new General Data Protection Regulation 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.
Gareth Wharton, Hiscox Cyber CEO, commented: “Like many other risks, cyber is indiscriminate – it affects businesses of all shapes and sizes. 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.
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For further information please contact:
| Hiscox Ltd | ||
| Lucy Hensher | +44(0)20 7448 6619 | [email protected] |
Notes to editors
About The Hiscox Group
Hiscox is a global specialist insurer, headquartered in Bermuda and listed on the London Stock Exchange (LSE:HSX). Our ambition is to be a respected specialist insurer with a diverse portfolio by product and geography. We believe that building balance between catastrophe-exposed business and less volatile local specialty business gives us opportunities for profitable growth throughout the insurance cycle. It’s a long-standing strategy which in 2017 saw the business deliver a profit before tax (excluding foreign exchange) of £93.6 million despite reserving net $225 million for claims in the most costly year ever for natural catastrophes.
The Hiscox Group employs over 2,700 people in 13 countries, and has customers worldwide. Through the retail businesses in the UK, Europe, Asia and the US, we offer a range of specialist insurance for professionals and business customers as well as homeowners. Internationally traded, bigger ticket business and reinsurance is underwritten through Hiscox London Market and Hiscox Re & ILS.
Our values define our business, with a focus on people, quality, courage and excellence in execution. We pride ourselves on being true to our word and our award-winning claims service is testament to that. For more information, visit www.hiscoxgroup.com.
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