Elevate Security has launched new services, Elevate Assess and Elevate Intelligence services, designed to assist the cyber insurance business higher perceive the affect of human cyber risk on its purchasers and portfolios.
According to Verizon’s 2022 Data Breach Investigations Report, “82% of breaches involved the human element. Whether it is the use of stolen credentials, phishing, misuse or simply an error, people continue to play a very large role in incidents and breaches alike.”
Today, the cyber insurance business depends on guide surveys and exterior scanning to decide risk ranges for underwriting and business planning. Insurers have little direct entry to knowledge on inner risk to assist them gauge risk ranges inside particular person prospects and benchmark risk throughout consumer segments.
“Over the past several years, it has become evident that the legacy actuarial data used by insurance companies is ineffective in determining enterprise risk, and policy costs have exploded,” stated John Masserini, Senior Research Analyst at TAG Cyber.
“By leveraging a contextual information base, insurers are better able to predict which enterprises’ are better suited to manage today’s cyber challenges and those who are not, thereby providing pricing structures that are more in line with actual risk.”, Masserini continued.
To decide risk at particular firms, the Elevate Assess service presents insurers direct visibility into organization-wide risk. During this speedy evaluation course of, an organization-wide risk rating — very similar to a credit score rating – is calculated from elements comparable to employee susceptibility to phishing, delicate knowledge dealing with, protected looking, and password administration.
To benchmark throughout friends and higher perceive risk developments, the Elevate Intelligence service presents the dataset of inner risk indicators. Delivering insights on human cyber risk gleaned from billions of present and historic knowledge factors, the new month-to-month service leads brokers and insurers to extra environment friendly and better-informed underwriting choices, and extra worthwhile cyber risk portfolios.
“We’re excited to offer the cyber insurance industry a new way to measure the human element of cyber risk,” stated Elevate CEO and co-founder, Robert Fly.
“It comes as no secret that the rapid rise of human-based attacks is having a chilling effect on the industry. Cyber insurance is a key component of any organization’s overall risk posture and plan, so it is critical that insurers and brokers have the data they need to underwrite policies efficiently and profitably going forward.”, Fly continued.
