New Solution Provides Underwriters and Brokers with Data to Support Cyber Insurance Coverage Decisions as well as Security Insight for the Insured.
Bitsight Technologies, the standard in Security Ratings, today announced Bitsight Security Ratings for Cyber Insurance. This first-of-its-kind solution enables insurance underwriters and brokers to make data-driven coverage decisions, while also delivering security value to the insured. Cyber insurance coverage is an urgent business issue for organizations and the fastest growing segment of the insurance industry following major security breaches at Target, eBay and Home Depot.
Bitsight Security Ratings for Cyber Insurance works entirely from outside the insured company and is built on Bitsight’s Security Ratings Platform. The Bitsight solution analyzes terabytes of publicly available data gathered from sensors deployed across the globe and rates companies’ security performance on a daily basis. Observed security events and configurations, such as communication with a botnet, malware distribution, and email server configuration, are assessed for severity, frequency and duration and used to generate objective Security Ratings. Bitsight Security Ratings range from 250 to 900, similar to consumer credit scores, with higher ratings equating to higher security performance.
Key benefits for insurers:
- Reduce Risk: Make smarter data-driven risk decisions. Security Ratings provide an objective, quantifiable metric for underwriting cyber risk.
- Improve Underwriting Effectiveness: Easily look at Security Ratings for applicants and insureds and set alerts and thresholds based on Security Ratings.
- Lower Loss Ratios and Claims Costs: Reduce risk exposure with daily access to Security Ratings and alerts. Notify insureds when new vulnerabilities are detected, before losses occur.
Tailored specifically for the needs of underwriters and brokers, Bitsight Security Ratings for Cyber Insurance provide insurers access to the following key features:
- Security Ratings, updated daily, measure the security performance of all applicants and insured companies
- Segmented tracking of current and prospective insureds through folder organization, specialized analytics and dashboards
- Track insurance premium values against the risk for each of your insureds and across the portfolio
- Email Alerts of major changes in a company’s security posture
- Shareable reports and tools to provide value added security service to insureds
“Unlike questionnaires and self-assessments, Bitsight provides objective, data-driven daily ratings of a company's security performance. This means that insurers can look at ratings and data over the past twelve months and also compare one company's security rating against the ratings of other similar organizations to make more informed underwriting decisions,” said Ira Scharf, Chief Strategy Officer for Bitsight. “The importance and value of security ratings has already been realized across several use cases and various industries and now we are expanding our reach to fulfill the needs of the cyber insurance industry as well.”
Availability
Security Ratings for Cyber Insurance is available immediately. The Product is licensed on a per underwriter basis. For more information, visit Bitsight Security Ratings for Cyber Insurance.