Cyber Insurance

Advisen Cyber Risk Conference 2015 Recap

Ben Fagan | October 29, 2015

BitSight attended the Advisen Cyber Risk Insights Conference in New York last week. This event brings together insurance underwriters, brokers and enterprise risk managers to attend panels on the growing cyber insurance industry and discuss trends in this burgeoning insurance market. BitSight’s own GM of Worldwide Cyber Insurance, Ira Scharf, had the opportunity to present new analysis that demonstrates a strong correlation between BitSight Security Ratings and publicly disclosed breach events -- higher scoring companies experienced significantly fewer data breaches. The research demonstrated how BitSight Security Ratings can be used as a concrete metric to measure risk.

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BitSight’s GM of Worldwide Cyber Insurance, Ira Scharf, presents new research at the Advisen show main stage.

The BitSight presentation, which you can access here, was an important moment for highlighting why BitSight metrics matter for the cyber insurance industry. BitSight is currently helping insurance underwriters at top insurers such as AIG, ACE, LIU, One Beacon and more streamline their applicant pools, underwrite better risk and provide tools to their insureds to monitor their own networks and the networks of their critical vendors. Additionally, this presentation also resonates with the overarching theme of the conference that I heard time and time again: metrics matter when underwriting cyber risk.

Talking to various underwriters and reinsurers, it becomes very apparent that the insurance industry is actively looking for innovative and cutting edge ways to measure risk - and underwrite the best book of business possible. Beyond understanding metrics and breach risk, industry practitioners are also educating themselves on potential cyber risks, both current and future. Advisen hosted panels on a wide array of topics such as an introduction to cryptocurrency, dark web and board level reporting.

The cyber insurance industry is growing as more and more businesses are looking for risk transfer options when it comes to cyber risk. Many insurers are responding to this demand by providing larger policies. Probably the most recent example of this growth is ACE Group’s offering of $100 million policies. As these insurers expand policies, it is not surprising to see interest grow in learning more about the cyber risk landscape and thinking ahead to future risks facing their clients. The Advisen event was an exciting opportunity for BitSight to continue to build on its reputation as one of the standard measures of cyber risk in this growing industry.

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