News & Views
Insurance organizations are set to get a boost in fighting cyber risk as BlueVoyant (www.bluevoyant.com) a cybersecurity services company, forges strategic partnership with Verisk (www.verisk.com) a leading data analytics company.
The partnership will enable Verisk to exclusively offer insights driven by BlueVoyant’s industry-leading cybersecurity monitoring technology to insurers through the Verisk Cyber Solutions Suite.
“Our cybersecurity solutions help hundreds of companies worldwide monitor and defend their IT and network infrastructure against relentless and ever-evolving cyber threats,” says Jim Penrose, Chief Operating Officer at BlueVoyant.
“Incorporating our Cyber Risk Management findings on hundreds of thousands of firms we track daily into Verisk Cyber Solutions gives cyber insurers unparalleled visibility into a prospect’s cybersecurity posture. This helps them to better understand, model, and underwrite the risk exposures they are analyzing. This timely information is absolutely critical to keep pace with today’s dynamic cyber risks and the aggregate impact they could have on insurer portfolios. Cyber insurance is a cornerstone of risk management that goes hand-in-hand with driving risk out of your own vendor ecosystem.”
Unlike many traditional insurance risks, cyber risks are often extremely difficult for many insurers to quantify through conventional measures, such as questionnaires and inspections. Cyber risks, in general, can also contribute to major loss events, as many businesses rely on the same operating, email, and cloud-based systems. By integrating BlueVoyant’s risk data, technology, and expertise into its cyber solutions, Verisk can deliver real-time analytics on critical metrics that can help reveal the cyber risks faced by prospects and those currently insured.
“As a managed security services provider, BlueVoyant is at the cutting edge of cyber defense,” comments Prashant Pai, vice president and general manager, Verisk Cyber Solutions. “Our exclusive partnership will bring the real-time cybersecurity intelligence only BlueVoyant can provide into the Verisk Cyber Solutions suite. BlueVoyant's data and intelligence, paired with Verisk's expertise and proprietary datasets, will drive unique, comprehensive, and detailed insights.”
Verisk's Cyber Solutions Suite is an end-to-end ecosystem built on a database with information from more than 100 million worldwide businesses. The suite provides a wide range of products and services, including advisory policy language, advisory prospective loss costs, underwriting analytics and scoring, exposure management, aggregation modelling, and workflow capabilities.