The Economist Intelligence Unit has launched an online tool that is designed to tally the bill from cyberattacks. Incidents of cybercrime are reported in the media almost every day, yet reliable estimates of their financial impact on companies are few and far between. CyberTab, sponsored by Booz Allen Hamilton, is designed to address this gap.
Tool users, including information-security, risk, financial and other senior executives, can input a range of expenses and estimated costs for either a specific attack scenario or actual breach. CyberTab will then generate a comprehensive report that explains the total cost and enables a cost-benefit analysis of security strategies.
The tool does not require information that would identify executives or their companies. It also does not collect data without opt-in permission and is free to use.
Riva Richmond, editor at The Economist Intelligence Unit, said: “Today cyberattacks are “not if, but when’ for nearly all companies—and the financial fallout is severe and likely to get worse. Yet deep corporate fear about disclosure has led to a culture of secrecy that has hurt our ability to understand the size and shape of the problem we face. It also makes it harder for companies to learn from each other and devise more robust defence strategies.
“Executives can gain new insight into their own company’s risks by using CyberTab, and can do so anonymously and leave no trace of their data. But we want people to be part of the solution and take part in our research programme. By submitting data anonymously, they will be taking a step towards a broader understanding this complex problem.”