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eTradeWire News/10789005
NEW YORK - eTradeWire -- In a vidcast interview for journalists, industry leaders Kirsten Bay, CEO of Cysurance, and Enterprise Security Architect Randle Henry from Check Point, shed light on the emerging role of insurability assessments in bridging the gap between cybersecurity and insurance. The conversation put into context the Cysurance Insurability Assessment Program, Powered by Check Point – a joint initiative that is bending the risk curve in favor of businesses by assessing and managing their cyber exposure profiles.
A New Approach to Cybersecurity Insurability
The program developed as a solution to the growing need for businesses to assess their security posture accurately and improve their insurability. Henry explained the fundamental goal of the program: "The insurability assessment is a way for insurance companies to reduce the cost of their policies by assessing their clients' security posture. We've broken this down into three different programs based on the size and complexity of the organization to provide visibility and map out issues that clients may not even be aware of."
By focusing on the client's cybersecurity infrastructure, the assessment helps insurers, brokers, and businesses work together to understand and address vulnerabilities that could jeopardize their organizations.
More on eTradeWire News
Supporting Brokers with Simplified Assessments
Bay emphasized the importance of this program for brokers, especially those who do not tend to focus on cyber policies and lack deep infosec expertise. "Applications for cyber insurance have become increasingly complex, and many brokers are not cybersecurity specialists," Bay noted. "This program supports brokers by simplifying the assessment process, providing clarity, and verifying the most important security controls are in place. It removes the need for attestations, replacing them with an assessment-backed insurance policy, which can lead to significant reductions in premiums."
The program's combination of insurance with a comprehensive cybersecurity review gives brokers a powerful tool to offer to clients, enabling them to provide a more accurate, streamlined package for cyber insurance.
Bridging the Gap Between Security and Insurance
For the broker community, the value of this program lies in its ability to help both insurers and clients. By streamlining the application process and providing actionable insights, brokers can offer more targeted insurance solutions. Bay explained how this benefits both sides.
"The program creates transparency and aligns the broker's offering with the customer's real-world security needs, reducing paperwork and providing verified information on their security posture."
To read the full industry analysis, click here:
https://bit.ly/49hqsxt.
A New Approach to Cybersecurity Insurability
The program developed as a solution to the growing need for businesses to assess their security posture accurately and improve their insurability. Henry explained the fundamental goal of the program: "The insurability assessment is a way for insurance companies to reduce the cost of their policies by assessing their clients' security posture. We've broken this down into three different programs based on the size and complexity of the organization to provide visibility and map out issues that clients may not even be aware of."
By focusing on the client's cybersecurity infrastructure, the assessment helps insurers, brokers, and businesses work together to understand and address vulnerabilities that could jeopardize their organizations.
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Supporting Brokers with Simplified Assessments
Bay emphasized the importance of this program for brokers, especially those who do not tend to focus on cyber policies and lack deep infosec expertise. "Applications for cyber insurance have become increasingly complex, and many brokers are not cybersecurity specialists," Bay noted. "This program supports brokers by simplifying the assessment process, providing clarity, and verifying the most important security controls are in place. It removes the need for attestations, replacing them with an assessment-backed insurance policy, which can lead to significant reductions in premiums."
The program's combination of insurance with a comprehensive cybersecurity review gives brokers a powerful tool to offer to clients, enabling them to provide a more accurate, streamlined package for cyber insurance.
Bridging the Gap Between Security and Insurance
For the broker community, the value of this program lies in its ability to help both insurers and clients. By streamlining the application process and providing actionable insights, brokers can offer more targeted insurance solutions. Bay explained how this benefits both sides.
"The program creates transparency and aligns the broker's offering with the customer's real-world security needs, reducing paperwork and providing verified information on their security posture."
To read the full industry analysis, click here:
https://bit.ly/49hqsxt.
Source: Cysurance
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