Cyber Insurance Technology (CIT) Qorus Innovation in Insurance Awards 2017

Insurers have yet to develop an evidence-based method to assess a company's cyber risk profile. This can result in high premiums, low coverage, and broad exclusions. Cyber insurance is one of the fastest growing segments in the insurance industry. With the tremendous increase in data breaches, companies are looking for insurance products to cover them in the event of a loss. An objective, evidence-based cyber risk metric is needed to measure security effectiveness, not simply policies and procedures, A cyber risk metric can offer underwriters a uniquely distinctive tool in helping to assess the potential for cyber loss at a particular company. Algorithms used to calculate cyber risk metrics can analyze vast amounts of data, including Internet communication and evidence of actual security compromises and vulnerabilities. Underwriters can use this information, in addition to their other underwriting procedures, to provide a critical window of visibility into a company's security posture. Security ratings can transform the insurance industry by allowing insurers to compare companies empirically against one another and industry averages. This provides underwriters with an objective method to gauge the cyber risk of prospective insurers and offer insurers the capability to continuously measure and track the overall risk of their entire portfolio. CIT provides risk metrics to create actuarial tables and accumulation metrics based on cyber risk. CIT allow demonstrates how much cyber insurance organizations actually need. We have 2 POCs in process and are having serious discussions with other cyber insurance companies including AXA, Chubb and AIG.