Organizations turn to insurance providers to assist them in finding the best available options to lower their financial exposure. In the present unpredictable cyber landscape, insurance providers are challenged to assist their clients in getting an accurate view of their existing and new cyber risks. One of the common questions faced on a daily basis is, “What is my business's Cyber Risk Exposure?”

THE CHALLENGE

Accordingly to Allianz, the Cyber Insurance market expects it to reach $20bn by 2025, making it one of the fastest growing segments of the industry. Due to limited resources, the industry growth is resulting in difficulties to cater the demand for Cyber insurance carriers to adequately measure the Cyber security posture of a growing pool of business applicants. In the current scenario, insurers are relying on questionnaires or previous risks assessment activities. While these methods can be effective, correct implementation is subject to proper information sharing between both the parties which usually an opaque process.

According to numerous reports, data on cybersecurity incidents is insufficient as organizations rarely know the extent of the breach or if they have been breached at all. Moreover, the risk values assigned to any given organization may vary with technological changes over a period of time rendering cyber insurance policies inaccurate.

In the traditional workings of the insurance industry, well established standards are used, say, determining the level of fire risk to a structure and to set premiums. “We really don’t have anything like that,” Cyber Insurers says about cyber insurance.

Standardization of cyber insurance is a challenge as insurance providers have no holistic approach to measure cyber risk. In such scenarios, quantifying risk on basis of exposure to cybersecurity issues is a complex task.

In order to achieve the more accurate underwriting application process, Cyber insurers need data-driven tools that provide insight into past and current cyber security performance of applicants.

THE SOLUTION

CyberInsurify created a CARA platform to provide accurate Cyber Risk scores for Businesses to Cyber Insurance Companies, Cyber-Risk insurance Brokers & Underwriters, MGAs and Reinsurance Companies. Cyberinsurify provides organizations internal and ongoing security performance. With easily understood CARA scores, insurers can look at historical data, the ongoing Cyber Security posture; and upcoming plans for comparison with other industry peers to make informed underwriting decisions.

With continuous quantification of a business's Cyber Security Posture, the insurers can analyse the risk exposure during the underwriting process, and take a more accurate decisions. This automated approach helps insurers to effectively underwrite coverage by understanding an applicant’s risk level.

CyberInsurify is the only platform that takes the actual, live, running state of all of Cyber Security Posture into account when providing an easy-to-understand risk score: CARA Score.

Request A Demo