Risk Mitigation Services in Cyber Insurance Underwriting Sponsored - - PowerPoint PPT Presentation

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Risk Mitigation Services in Cyber Insurance Underwriting Sponsored - - PowerPoint PPT Presentation

Oct 29, 2023 442 likes •671 views

Risk Mitigation Services in Cyber Insurance Underwriting Sponsored By: 1 Risk Mitigation Services in Cyber Insurance Underwriting www.advisenltd.com Paper Beware the Botnets: Botnets Correlated to a Higher Likelihood of a Significant

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Risk Mitigation Services in Cyber Insurance Underwriting

Sponsored By:

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Risk Mitigation Services in Cyber Insurance Underwriting

www.advisenltd.com

  • Paper “Beware the Botnets: Botnets Correlated

to a Higher Likelihood of a Significant Breach”

  • Recording of today’s webinar
  • Copy of these slides
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About Advisen

Advisen generates, integrates, analyzes and communicates unbiased, real-time insights for the global community of commercial insurance

  • professionals. As a single source solution, Advisen

helps the insurance industry to more productively drive mission-critical decisions about pricing, loss experience, underwriting, marketing, transacting or purchasing commercial insurance. www.advisenltd.com

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Many Thanks to our Sponsor!

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About BitSight Technologies

BitSight Technologies is transforming how companies manage information security risk with objective, evidence-based security ratings. The company's Security Rating Platform continuously analyzes vast amounts of external data on security behaviors in order to help organizations manage third party risk, benchmark performance, and assess and negotiate cyber insurance

  • premiums. Based in Cambridge, MA, BitSight is backed

by the National Science Foundation, Commonwealth Capital Ventures, Flybridge Capital Partners, Globespan Capital Partners, and Menlo Ventures.

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Today’s Moderator

David Bradford President, Research & Editorial Advisen Ltd.

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Ira Scharf General Manager of Cyber Insurance BitSight Technologies Tracie Grella Global Head of Professional Liability AIG

Today’s Panelists

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Neeraj Sahni Vice President, FINEX North America— Cyber and Technology Risks Willis

Today’s Panelists

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9 David Bradford Ira Scharf Neeraj Sahni Tracie Grella

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DATA-DRIVEN RATING OF A COMPANY’S SECURITY PERFORMANCE

  • Companies are rated on a scale of 250-900
  • High rating indicates a strong security performance and lower security risk
  • Analyzes, rates, and monitors companies’ security performance, all from the outside
  • Daily ratings and alerts provide continuous visibility

BitSight Security Ratings

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The Evolution of Cyber Coverage

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Why Risk Mitigation Services are on the Table

  • 1. Competitive Landscape
  • 2. Enhancing Risk Posture of Clients
  • 3. Reduce losses in a cost effective manner
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How Brokers are Leveraging Their Position to Negotiate Better Rates for Insureds

As brokers continue to serve as trusted risk advisers to clients, risk mitigation services enable them to:

  • Understand the risk posture and needs of clients
  • Help clients improve their own security
  • Negotiate better rates for their clients
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Importance of Vendor Risk Management

Businesses have thousands of vendors, many of them with access to other companies sensitive information. Due to the wealth of data sharing between companies, you are only as strong as your weakest link.

  • Major breaches have been a result of third party breaches: Target, Home

Depot, Goodwill, etc...

  • Few companies have VRM programs in place
  • Continuous monitoring of vendors can mitigate risks within the vendor
  • ecosystem. This gives them visibility into the security posture of critical

vendors.

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Ecosystem Benefits of Risk Mitigation

Cyber Insurance combined with best-in-class risk mitigation services:

  • 1. Lowers potential risk for clients and insurers
  • 1. Enables brokers and insurers to be trusted risk advisors to clients
  • 1. Creates a safer cyber risk ecosystem for all
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Many Thanks to our Sponsor!

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Ira Scharf General Manager of Cyber Insurance BitSight Technologies Tracie Grella Global Head of Professional Liability AIG

Many Thanks to our Panelists!

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Neeraj Sahni Vice President, FINEX North America— Cyber and Technology Risks Willis

Many Thanks to our Panelists!

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Risk Mitigation Services in Cyber Insurance Underwriting

www.advisenltd.com

  • Paper “Beware the Botnets: Botnets Correlated

to a Higher Likelihood of a Significant Breach”

  • Recording of today’s webinar
  • Copy of these slides
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Subscribe to the Cyber Risk Network

  • The Cyber Risk Network is the definitive authority for anyone involved in or

interested in the cyber insurance risk sector.

  • We offer exclusive news, analysis, and data, driven by Advisen’s unparalleled cyber

database.

  • Members will enjoy the following network benefits:
  • Access to Advisen’s proprietary data
  • Leverage Advisen’s domain expertise for exclusive news and analysis
  • Exclusive networking opportunities within niche communities
  • Learn more via - http://www.cyberrisknetwork.com/about/
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2015 Cyber Risk Awards

Wednesday, June 17, 2015 at 6pm EDT Grand Hyatt NYC

2015 Cyber Risk Insights Conference – New York

Thursday, October 20, 2015 at 8am EDT Grand Hyatt NYC Visit http://www.advisenltd.com/events/conferences/

Upcoming Advisen Events

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Contact Us

Advisen Ltd. 1430 Broadway 8th Floor New York, NY 10018 www.advisenltd.com Phone: +1.212.897.4800 advisenevents@advisen.com