SecurityScorecard has announced an alliance with Measured Analytics and Insurance, an AI-powered cyber insurance provider, to deliver discounted cyber insurance premium, based on security ratings.
“Together with SecurityScorecard, Measured is reimagining how organizations manage cybersecurity as a business risk,” said Jack Vines, CEO, Measured Insurance. “The dynamic threat landscape requires real-time risk assessment, best-in-class cybersecurity tools seamlessly integrated with comprehensive cyber insurance. SecurityScorecard sees what a threat actor sees, which allows us to deliver more accurate and responsive cyber insurance coverage and rates.”
Measured Insurance uses proprietary AI data analytics and national security-grade threat intelligence to deliver data-driven cyber risk insights to validate their defenses, prioritize investments, and strengthen proactive cybersecurity strategies.
The cyber insurance landscape experienced a pivotal shift in 2022, with a 28% surge in cyber insurance premiums during Q4, as reported by Marsh, a leading cyber insurance broker. This surge in premiums reflects the escalating financial repercussions of cyber incidents, exemplified by a staggering $40 million payout for a single ransomware attack. These trends underscore the urgency for robust cyber risk management strategies.
The two companies intend to enable organizations to effectively incorporate cyber insurance into their risk management strategy, even as insurance costs remain uncertain. This approach will also enable the procurement of cyber insurance as part of a broader program of corporate investment and enterprise risk management. Security Ratings are transparent and actionable, meaning organizations can clearly understand what they need to do to qualify for the premium incentives, according to a joint statement.
Key factors include endpoint security, patching cadence, network security, DNS health, and IP Reputation, a measurement on ransomware vulnerability.
A cyber insurance policy alone is insufficient for mitigating threat exposure. Strong cybersecurity hygiene and cyber insurance must also be in place. Continuous cyber risk assessments with actionable threat mitigation plans reduce breach likelihood and financial vulnerability.