Sufficient Cyber Data for Accurate Underwriting
Most companies are not required by law to disclose data breaches outside of those related to consumer data, allowing many breaches to go unreported.
As a result cyber insurance companies face challenges identifying sufficient data for policy underwriting.
The calculated probability of potential cyber risks that may significantly impact insurers should be presented in quantified risk levels for error &
omission-free policy coverage.
Our Cyber Risk Score uses precise risk-informed models that present the true state of an organization’s security posture, allowing cyber insurers make better policy underwriting decisions.
True Cyber Risk Validation
Underwriters, risk managers, independent brokers and reinsurance companies have to exercise increased due diligence during the application and underwriting process for cyber liability insurance. This is especially true as cyber threats are continuously evolving and every company will have different exposure types, security implementations and risk levels. To evaluate the cyber risk of a business, insurers require submission of detailed questionnaires, will run penetration tests and conduct on-site surveys of an applicant’s security posture.
While on-site surveys and questionnaires do provide valuable cyber security risk data, they cannot validate all existing critical threats against company’s attack surface or if the company has already had a breach.
The major reason why insurers have struggled to get their arms around cyber risk is the lack of quality data, which makes it difficult to build the predictive models that can help assess probability of loss.
FortifyData cyber risk scoring platform is capable of assessing cyber risk exposures and generating a cyber risk score for every business with an online presence. It is derived using our proprietary cyber risk assessment algorithm using an empirical model to determine an accurate representation of a company’s cyber risk level.
Our easy to understand cyber risk score helps Insurers measure current business risks promoting predictive models for coverage viability and accurate valuations.