In 2024, we were invited by major brokers and carriers of the Lloyd's market to help address the most pressing challenges in the cyber insurance market. The BreachRisk™ for Insurance platform provides capabilities to improve combined ratios and quote-to-bind for leading brokers and carriers as worldwide demand for cyber insurance triples by 2030.
How BreachRisk™ for Insurance fits into the lineup
Hacker insights are only useful if they are tightly tailored to the use cases at hand.
Cyber insurance (as a concept and affordable product) provides a critical piece of Enterprise Risk Management (ERM) strategies for CIOs, COOs, CISOs, CFOs, and CEOs. However, the needs of brokers, underwriters, and reinsurance professionals are distinct from enterprise security teams, TPRM managers, and technology service providers/advisories.
What do brokers and carriers need?
Lloyd's reinsurance and insurance carriers must connect capital with policyholders in a way that's fast, affordable, and effective. Brokers serve as agents to carriers in representing their client's needs, and must help their policyholder clients manage large categories of insurance potentially across multiple lines.
BreachRisk™ for Insurance helps cyber carriers:
Write smarter, faster. Mitigate the biggest pain-point in the Lloyd's market: the insurance application questionnaire via automated hacker answers to insurance questionnaires.
Monitor on-risk book for routine and emergent threats via continuous hacker analysis
Write faster at renewal with trend data that highlights the good security practices of policyholders, without false positives
Interface with brokers with easy-to-use, insurance-specific perspectives on policyholder posture and practices. This accurate hacker analysis is greatly reduces the false positives that can lead to disputes (and slows the process down)
BreachRisk™ for Insurance helps cyber brokers:
Quote-to-bind smarter, faster. With access to the same Questionnaire Validator hacker insights, get straight to discussing pricing and timing - and less time debating on "is that are real threat or a false positive"
Prospect with greater trust. Potential clients hate cyber false positives that occur with other analysis scans.
Insurability Assessments that focus on issues that actually matter to carriers, while avoiding needless work on the false positives that hackers and carriers ignore
How do policyholders benefit?
In many schemes, policyholders can optionally use our BreachRisk™ for Business product (or their technology service provider or broker advisor can use BreachRisk™ for Service Providers) to perform continuous detection, verification, and testing of hacker threats to avoid cyber breaches. But even our passive analysis helps policyholders.
Getting cyber insurance is faster, specifically for very large and complex organizations
Pricing for insurance will become more stable, i.e. fewer high and low swings that disrupt budget patterns
In some schemes, policyholders can qualify for significant discounts and better terms
Capability Modules in BreachRisk™ for Insurance
The platform is delivered in a dashboard platform (and in some cases, API integration may be available) with distinct capability modules. Today, there are 2 modules available in the U.K., U.S., E.U., and Canada:
The Cyber Questionnaire Validator - automatic answers to cyber insurance questionnaires to speed up quote-to-bind with trusted answers
Cyber Pre-Claim Intervention - continuous monitoring of clients for routine cyber risks and emergent threat alerts that provide an element of preventative control while on-risk.