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 cyber
insurance underwriting decisions as well as provide tools to help policyholders mitigate
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.
Cyber-insurance is an insurance offering intended to protect businesses from Internet-based risks, and more generally from risks relating to information technology infrastructure, information privacy, information governance liability, and other related activities. Cyber risks are typically excluded from or remain silent within traditional insurance products.
Coverage provided in a cyber insurance policy may include first-party coverage against losses such as data destruction, extortion, theft, hacking, and denial of service attacks; liability coverage indemnifying companies for losses to others caused, for example by errors and omissions, failure to safeguard data, or defamation; and other benefits including regular security-audit, post-incident public relations and investigative expenses, and criminal reward funds.
You should consider cyber insurance if you handle sensitive, personal, or business information, not limited to employee or customer names, addresses, and personal information, organization customer lists, financial or healthcare information, sensitive business information, and/or are exposed to the internet to engage and support your clients (also covers offline activities).