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BitSight for Cyber Insurance

The ongoing impact of ransomware attacks has driven increased interest in the purchase of cyber insurance. To meet that demand, cyber insurers must offer coverage that not only adapts to rapidly evolving risks, but also minimizes losses.

Given the changing nature of attacks, insurers struggle with a lack of data to comprehensively assess the risk they take on and the potential losses they cover. The cyber threat landscape continues to evolve, making it hard to underwrite cyber insurance with confidence.

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The ongoing impact of ransomware attacks has driven increased interest in the purchase of cyber insurance. To meet that demand, cyber insurers must offer coverage that not only adapts to rapidly evolving risks, but also minimizes losses.

Given the changing nature of attacks, insurers struggle with a lack of data to comprehensively assess the risk they take on and the potential losses they cover. The cyber threat landscape continues to evolve, making it hard to underwrite cyber insurance with confidence.

"We continue to hear from clients that cybersecurity is among their most urgent risk concerns. By collaborating with BitSight, we are providing clients with more data-driven insights to better manage risk in an increasingly difficult cybersecurity landscape."

Scott Stransky
Head of the Marsh McLennan Cyber Risk Analytics Center
Marsh McLennan

Improve underwriting effectiveness

Improve underwriting effectiveness

Identify and manage risk across your portfolio 24/7

Identify and manage risk across your portfolio 24/7

Assess the risk posed by your insured’s supply chain

Assess the risk posed by your insured’s supply chain

Provide loss control counseling

Provide loss control counseling

Cyber Insurance Premiums

As cyber threats increase and defending against them becomes more challenging, cyber insurers must do all they can to protect themselves from costly payouts. That means understanding the security posture of a growing applicant pool.

Traditional questionnaires and self-assessments can be time-consuming. They also give an incomplete, point-in-time view of cyber risk that is often subjective and quickly outdated.

BitSight data can provide a faster, more accurate, outside-in view into the security performance of insurance applicants, in order to better understand risk quickly and confidently.

BitSight’s data-driven insights are delivered via an easy-to-understand, objective report that also includes historical security performance data and comparisons with industry or portfolio benchmarks.

With BitSight, insurers can improve their understanding of cyber risk exposure, define risk appetite, better price risk, and reinforce a consistent underwriting approach.

Portfolio Reports

Because risk is always emerging, insurers need to understand the cybersecurity health of their clients on a continuous basis — as cyber risk may evolve over time.

BitSight makes it easy to keep an eye on shifts in an insured’s security performance. Through continuous monitoring of a client’s security posture, BitSight provides a pulse on risk throughout the period of coverage. Get dashboard views into the overall portfolio risk of insureds and receive alerts if there is a sudden change in security performance.

Plus, with BitSight Security Ratings, insurers can gain a historical view of how an insured’s cybersecurity performance has evolved over time. With the visibility that BitSight provides, insurers can proactively address security events on aninsured’s network before a claim occurs.

Cyber Insurance by Insureds

Today, organizations are hyper connected through a complex digital ecosystem of cloud services, outsourced providers, and third-party vendors. Each introduces cyber risk that can cascade across insurance portfolios and translate into unpredictable losses.

BitSight can help insurers assess risk in this complex ecosystem and avoid too many payouts. Easily monitor the growing aggregation of technology products and cloud service providers used by insureds and model potential scenarios – like a cloud outage or ransomware attack on one of these vendors.

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Insurers want clients to have better security to can avoid losses. Clients want to have better security so that their premiums don’t go up.

Help improve clients’ security postures by providing them with access to the BitSight platform. With greater visibility into their own digital footprints – and the risk hidden within them – organizations can remediate vulnerabilities, improve security, monitor vendors, and reduce losses and claims.

Meanwhile, insurers can maintain an enviable competitive advantage over other carriers.

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Learn how the current market is impacting cyber insurance and how BitSight can help companies with getting the coverage they need.

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