XL Catlin and RedSeal are offering a new, dynamic approach to cyber insurance, which uses RedSeal’s objective Digital Resilience Score to provide valuable information to both underwriters and clients. Underwriters get a clearer understanding of a network’s risk over time – and clients get information to continually improve their cybersecurity and potentially improve their insurance terms.
Unlike other cyber insurance risk analyses, which rely on surveys, the external threat environment, and a limited understanding of a network at the time of the initial underwriting, this approach is more accurate, dynamic and helpful.
RedSeal’s network modeling and risk scoring platform creates a network model from the inside out, including physical assets, as well as those in public and private cloud environments. With this insight, RedSeal calculates the Digital Resilience Score, a holistic measure of the network’s resilience, similar to a credit worthiness score. The Score evaluates the client’s network to determine:
How weaknesses from incorrectly configured devices and third-party software could impact the network
How accessible a company’s valuable assets are to attackers
The degree to which the network – including all its devices and their connections – is understood.
More resilient networks deliver higher scores, which means they are lower risk. Once an XL Catlin client installs RedSeal and gets their initial Digital Resilience Score, and again during a mid-term evaluation, XL Catlin will determine if the client’s resilience warrants improved terms.
This creates a cycle of continuous improvement. Underwriters have more in-depth information to evaluate risk, and clients can use the same information to improve their resilience and lower their risk – which may result in improved insurance terms.
About XL Catlin’s Insurance Operations XL Catlin insurance companies offer property, casualty, professional, financial lines and specialty insurance products globally. Businesses that are moving the world forward choose XL Catlin as their partner. To learn more, visit xlcatlin.com.
About XL Catlin XL Catlin is the global brand used by XL Group Ltd (NYSE:XL) insurance and reinsurance companies which provide property, casualty, professional and specialty products to industrial, commercial and professional firms, insurance companies and other enterprises throughout the world. Clients look to XL Catlin for answers to their most complex risks and to help move their world forward. To learn more, visit xlcatlin.com.
Video: How RedSeal Works
Understand the benefits RedSeal’s network modeling and risk scoring platform can bring to your network. (2:10)