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A recent brief by advisory firm Novarica found that cyber insurance coverage is in high demand, outstripping the supply of policies available. This leaves insurance carriers with limited resources to sufficiently measure the security posture of a growing pool of applicants. Currently, insurers rely on questionnaires, penetration tests and on-site assessments. While these methods can be effective, they are time consuming, expensive and provide a point in time snapshot of performance. In order to streamline the underwriting application process, insurers need data-driven tools that provide insight into past and current cyber security performance of applicants.
BitSight Security Ratings for Cyber Insurance [data sheet] are tailored for the insurance industry. BitSight provides objective, data-driven daily ratings of a company's security performance. With easy to understand ratings, insurers can look at historical data, compare a company's security rating against other industry peers and make informed underwriting decisions.
With continuous monitoring of a company's security performance throughout the underwriting process, insurers can see trends and alert applicants of potential threats to their network. Along with understanding risk at an individual company level, insurers have the ability to view and balance their overall risk with detailed portfolio metrics. This automated approach helps insurers prioritize their applicant pools and effectively underwrite coverage by understanding an applicant’s risk level.
BitSight requires no hardware or software installation. This web based platform gives insurers the ability to begin analyzing applicants with ease. Underwriters can easily search and add companies into their portfolio, allowing them to gain strategic insights on the cyber security performance of an applicant without permission from the rated company.
We’d love to show you how you can simplify your risk management and take charge of your cyber security with these intuitive and powerful solutions.Request Demo