Cyber Insurance Qualities
Fosters a shared security interest / goals
- Promote awareness, measurement and incentives for risk reduction
- Works with policyholders understand (and quantify) their risk to determine the coverage that they require
Uses technology to create a data driven "win-win" solution
- Simplifies procedures (digitally) and enhances transparency on contracts, claims and payments
- Automated using automated risk assessment and security lifecycle review (SLR) process
- Quantitative assessments leveraging machine learning, replacing traditional Generalized Linear Model (GLM)
- Continuous digital monitoring and assessment to measure cyber “hygiene” and change in risk profile
- Facilitate aggregate data and information sharing for advanced predictive analytics
- Utilize network effect to also improve traditional insurance coverage
Role of “Honest broker”
- Be a trusted 3rd party
- Not selling security products or services, but have the common goal of reducing risk
Helps to motivate behavior
- Facilitates policyholders internal approval and budgeting
- Reshape commercial incentive structure and drive standards
- Fosters prevention (detect / proactive) vs. remediate (reactionary) mindset
Post Policy Qualities
- Breaches and cyber incidents are inevitable
- Continuous monitoring and assessment are key
- Detecting incidents quickly will limit loss
- Allow coverage modifications to meet evolving threat
- Encourage companies (policyholder) to improve security for lower premiums
- Shape behavior and promote best practices for more coverage
- Facilitating dynamic, holistic and strategic approach from every level of an organization
Let us help you with cyber insurance