Insurance Innovation of the Month:

Innovation of the month

08 November 2018

Efma Accenture’s Insurance Innovation of the Month award for November goes to Armour Insurance for, a free online tool that enables businesses in Canada to assess their risk of cyber attacks.  

Research from Accenture suggests that when a financial services organisation is the victim of a cyber attack, it costs them an average of US$117 million to resolve the breach, recover from the disruption and remunerate customers – and that’s without considering the damage to their reputation. Now that hackers are getting smarter and using more sophisticated methods to scale up their attacks, more companies want to put the right systems in place to protect their data and assets. However, many of them struggle to know where to start.

Recognizing that businesses in Canada needed a way to calculate the vulnerability of their IT and data systems, Armour Insurance developed Business owners can use the free tool to complete a short online questionnaire and quickly determine the cybersecurity threat level facing their company. The questions are all based on risk assessment indicators that are commonly used to rate a cyber insurance policy.

“The threat of cyber attacks, data breaches and data loss is a relatively new concept for the majority of Canadian businesses, so was developed to provide an easy way of illustrating these risks on a business to business basis,” says Rob Stevenson, marketing director at Armour Insurance. “The goal is to get small- and medium-sized businesses thinking about how they might be vulnerable to cyber breaches before they experience a loss.” was initially launched as a minimum viable product in December and currently calculates results based on perceived threats. Since the launch, more than 500 business owners have successfully used

“We believe that allowing businesses to self assess and conduct an easy-to-understand evaluation is the most effective way to spark internal discussion within their companies about where they may be vulnerable,” says Stevenson.

Armour Insurance now plans to evaluate the data from these early customers to improve the tool’s overall usability, the length of the assessment, the amount of detailed provided in the summary, and more. It will also explore the viability of incorporating potential damage risks into the score and developing a mobile app. “We hope that this will become a regular tool for our commercial insurance team that will help illustrate the risks present when discussing cyber insurance,” comments Stevenson. “The ultimate goal for would be to partner with a market to integrate automated rating capabilities into the service.”

Submit your innovations on the Efma-Accenture Innovation in Insurance portal until 5 December to win the December 2018 Insurance Innovation of the Month. The winner will be automatically selected as a nominee for the 2019 Efma-Accenture Innovation in Insurance Awards. Participation is free of charge and open to all insurance players.

Keywords : Corporate insurance , Cybersecurity/Authentication

Geography : Canada