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

Cyber Insurance