SecurityScorecard has formed a strategic partnership with Measured Analytics and Insurance, the pioneering AI-driven cyber insurance provider.
The collaboration aims to introduce the industry’s first cyber insurance premium incentives, namely discounts, for top Security Ratings.
SecurityScorecard provides organizations with concise, actionable cyber risk measurements. By continuously scanning an organization’s attack surface, it assigns a standardized score based on threat exposure and correlation to cyber incidents.
On the other hand, Measured Insurance utilises proprietary AI data analytics combined with national security-grade threat intelligence to produce a new wave of cyber insurance. Together, the synergy between these two firms will arm organizations with data-informed cyber risk insights to fortify their defenses, prioritize investments, and enhance their proactive cybersecurity strategies.
A critical element in this collaboration is transparency in cyber insurance pricing. In 2022, the cyber insurance sector witnessed a significant shift, with cyber insurance premiums skyrocketing by 28% in Q4 alone. This rise in premiums highlights the growing financial implications of cyber-attacks, such as the remarkable $40m ransomware attack payout.
The partnership will empower organizations to efficiently integrate cyber insurance into their risk management approach, especially in a fluctuating insurance cost environment. This strategy will further streamline the acquisition of cyber insurance as an integral part of wider corporate investment and enterprise risk management. The actionable and transparent nature of Security Ratings ensures that organizations can easily comprehend the requirements to be eligible for the premium incentives.
Furthermore, a study conducted jointly by the Marsh McLennan Global Cyber Risk Analytics Center and SecurityScorecard using Security Ratings alongside cyber claims data identified seven critical factors that predict potential breaches.
Measured Insurance CEO Jack Vines said, “Together with SecurityScorecard, Measured is reimagining how organizations manage cybersecurity as a business risk. SecurityScorecard sees what a threat actor sees, which allows us to deliver more accurate and responsive cyber insurance coverage and rates.”
SecurityScorecard Chief Business Officer Sachin Bansal mentioned, “History shows that a cyber insurance policy alone is insufficient for mitigating threat exposure. We are proud to partner with Measured Analytics and Insurance to change how organizations, brokers, and carriers calculate and communicate cyber risk through a common operating picture of risk.”
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