Published: 13-Feb- 2017 | | Comments: 0
The aftermath of a privacy breach or a cyber attack may result in reputational and financial harm to an organization. Despite the fact that no one can predict when a cyber-related event will occur, Marsh’s proprietary Cyber IDEAL (Identify Damages, Evaluate, and Assess Limits) Model assists risk managers and other executives in quantifying the likelihood that their organization will experience a breach and its potential severity. The Cyber IDEAL Model examines the likelihood of an unauthorized disclosure and estimates the potential cost of a data-breach. Using global historical breach information, the Model determines the frequency and severity of cyber incidents using one-year probability of a data-breach event.
As hacker sophistication increases, corporate executives must address the risk. No organization is ever fully prepared for such attacks, but analytical tools such as Marsh’s Cyber IDEAL Model can provide the decision-making support to corporate executives. Cyber IDEAL Model provides an insightful analysis of cyberprivacy related events by industry.