BitSight enables cyber insurance carriers, reinsurers, brokers and risk managers to seamlessly identify and measure the risk associated with underwriting cyber liability. Insurers can also discover and monitor the security performance of their insureds’ extended vendor ecosystem to ensure that concentration risk and third and fourth party vulnerabilities are quickly identified and addressed.
BitSight’s solutions for Cyber Insurance are tailored to meet the needs of the industry. With daily, data-driven ratings of a company’s performance delivered through an easy to use web-based platform, insurers can effectively measure the security posture of a current or prospective policyholder. Unlike subjective questionnaires and self-assessments, BitSight provides an easy-to-understand rating along with a comprehensive report, including 12 months of historical data and comparisons with industry benchmarks. Armed with this objective analysis, insurers can make informed underwriting decisions as well as provide tools to help policyholders mitigate risk.
Additionally, insurers can continuously monitor a company’s security performance throughout the period of coverage with the ability to alert the insured when potential threats or unusual activity are detected. Along with understanding risk at an individual company level, insurers have the ability to view and balance their overall portfolio risk and receive email alerts if there is a sudden change in security performance. With dashboards and folders, users can easily segment and track the security performance of insureds, prospective insureds, and third and fourth parties effectively and quickly.
Alerts on sudden changes in security performance allow insurers to proactively address security events on their insured’s network or extended ecosystem before a claim occurs.
By offering policyholders access to the BitSight platform, or easily generated reports, insurers provide valuable and actionable information to insureds.
With dashboard views and folders, insurers can easily segment and track the security performance of insureds, prospective insureds and their third and fourth parties to better understand, identify and mitigate cyber liability risk.