March 27, 2018 by Staff
The score identifies how weaknesses from third-party software and incorrectly configured devices could impact a network, how vulnerable an insured’s valuable assets are to attack, and the degree to which a network is understood. The higher the score, the lower the risk.
The tool is designed to help underwriters better evaluate their clients’ risks over time. It also allows insureds to improve their cybersecurity and potentially improve their insurance terms.
“We see this collaboration as a win-win for all involved,” said John Coletti, XL Catlin’s chief underwriter, cyber and technology. “We’re giving our clients the option to create a cycle of continuous improvement in their cyber security efforts. Plus, our underwriters have more in-depth information to evaluate their risk and provide the most appropriate policy terms and pricing – and our customers can use the same information to improve their resilience and lower their risk.”
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This story was originally published by Canadian Insurance Top Broker.