Security ratings player Bitsight has launched a new capability for insurers that delivers security performance information on millions of small- and medium-sized insurance applicants in seconds, enabling underwriters to evaluate and price cyber risk for the SMB market. Bitsight said the underwriting assessment leverages its security ratings platform and provides trustworthy security performance information. “Nearly half of the global cyber premium is written by Bitsight’s insurance customers, so we understand the unique challenges facing this community,” said Samit Shah, Insurance Strategy and Operations Manager at Bitsight. “As insurers expand their cyber coverage to small and medium-sized businesses, they must quickly obtain high quality, accurate, meaningful security performance data in order to assess the risk of an applicant and determine pricing. Bitsight is making it easier, faster and more cost-effective than ever for insurers to evaluate SMB cyber risk and issue policies.”
