In the pursuit of offering valuable cyber insurance policies, service providers are relying on risk score calculators.
FREMONT, CA: Upgraded security measures under cybersecurity strategies have become mandatory for businesses operating in today’s hyper-connected ecosystems. However, no safeguard is foolproof when it comes to cyber threats. Thus, in addition to security measures, businesses are looking to buy cyber insurance for their companies. This has led to new opportunities for insurance service providers who are now trying to cater to a rapidly growing market for cyber insurance products. For the insurers as well, cyber insurance is a new domain, and many of the insurance firms are trying to design service delivery models. Risk scores are a valuable metric that can help insurers ascertain the level of security insurance seeking companies have and thus, result in accurate underwriting.
Evaluations that generate qualitative reports regarding cyber risk and security are not useful enough for insurance companies. On the other hand, risk scores,…
