SecurityScorecard has announced a partnership with Measured Analytics and Insurance, an AI-powered cyber insurance provider. This initiative provides cyber insurance premium incentives (such as discounts) for security assessments.
“Measured is working with SecurityScorecard to reimagine how organizations manage cybersecurity as a business risk,” he said. jack vines, CEO of Measured Insurance. “The dynamic threat landscape requires best-in-class cybersecurity tools that seamlessly integrate with real-time risk assessments, comprehensive cyber insurance, and more. Now we can offer more accurate and responsive cyber insurance coverage and rates.”
Measured Insurance leverages the power of proprietary AI data analytics and national security-grade threat intelligence to deliver a new generation of cyber insurance. The partnership between SecurityScorecard and Measured Insurance provides organizations with data-driven cyber risk insights to validate defenses, prioritize investments, and strengthen proactive cybersecurity strategies.
Cyber insurance pricing transparency
The cyber insurance landscape experienced significant changes in 2022, with cyber premiums rising 28% in the fourth quarter, according to a report from Marsh, a leading cyber insurance broker. This increase in insurance premiums reflects the growing financial impact of cyber incidents, with one ransomware attack costing him a staggering $40 million in damages. These trends highlight the urgency of a robust cyber risk management strategy.
Measured and SecurityScorecard enable organizations to effectively incorporate cyber insurance into their risk management strategies, even when insurance costs remain uncertain. This approach also enables the procurement of cyber insurance as part of a broader program of corporate investment and corporate risk management. Security assessments are transparent and actionable, so organizations have a clear understanding of what they need to do to qualify for premium incentives.
Backed by data: How SecurityScorecard predicts breaches
In the world of finance, credit ratings serve as important risk estimation tools. Inspired by this, the Marsh McLennan Global Cyber Risk Analysis Center and Security Scorecard looked at security ratings alongside cyber claims data. This research study identified seven factors that predict breach.
- endpoint security: Tracks identification points extracted from metadata related to the operating system, web browser, and associated active plugins.
- patching rhythm: Analyze how quickly organizations install security updates to measure vulnerability risk mitigation practices.
- ransomware score: Measure how susceptible your organization is to ransomware attacks.
- network security: Check public datasets for evidence of open high-risk or insecure ports within your organization’s network.
- DNS health: Measure the health and configuration of your organization’s DNS settings. Validate that no malicious events have occurred in your organization’s network’s passive DNS history.
- IP reputation: Utilizes the SecurityScorecard sinkhole infrastructure, as well as a combination of OSINT malware feeds and third-party threat intelligence data sharing partnerships.
- qubit score: Measures various security issues that your organization may have. For example, check public threat intelligence databases for flagged IP addresses.
SecurityScorecard accurately models cyber risk, allowing organizations to maximize their cyber insurance investment while mitigating risk. SecurityScorecard continuously scans your organization’s attack surface. We then assign a standardized score based on the correlation between threat exposure and cyber incidents.
Benefits of SecurityScorecard and the Measured Alliance include:
- Free Cyber Risk Assessment: SecurityScorecard identifies security gaps and factors that determine premium costs.
Action plan to reduce threat exposure: A comprehensive, data-driven plan ensures customers have a roadmap to qualify for cyber insurance premium incentives (such as discounts). - Prioritize your cybersecurity investments: SecurityScorecard identifies the most impactful security issues and prioritizes cybersecurity investments based on an organization’s unique attack surface.
- Free Cybersecurity Assessment: SecurityScorecard is the only solution that provides free access to security ratings. Customers can constantly monitor their threat exposure and premium incentive eligibility prior to renewal and during the policy period.
With over 12 million organizations continuously assessed, SecurityScorecard provides a concise, meaningful and actionable measure of cyber risk. In fact, SecurityScorecard’s extensive research found that organizations with an A rating are 7.7 times less likely to experience a breach.
“History has shown that cyber insurance policies alone are insufficient to reduce exposure to threats. Strong cybersecurity hygiene and cyber insurance must go hand in hand.” sachin bansal, SecurityScorecard Chief Business Officer. “We are proud to partner with Measured Analytics and Insurance to transform the way organizations, brokers, and carriers calculate and communicate cyber risk through a common risk operating picture.”
This cyber insurance incentive is available now and directly provides both increased security and financial benefits to organizations.