Corporate Risk and Compliance | August 28, 2018
While a new survey from analytics firm FICO has found that the number of US companies with full-coverage cybersecurity insurance has skyrocketed from last year, 24% still reported that they did not have any cyber insurance. For those that remain uninsured, and the insurance companies with an eye on targeting these firms, a cybersecurity analytics platform has come up with a more effective way to price policies.
“From a cybersecurity perspective, when you’re an insurance company and you’re writing a policy for somebody, how do you charge them for it? We measure the risk and give them the metrics to charge for that policy,” said Steve Timmerman, VP of marketing and business development at RedSeal, which offers enterprise software that builds a model of a company’s network, identifies vulnerabilities, and provides a digital resiliency score that allows insurers to write a cyber premium based on that score.