Two Tools from RiskLens for Defensive Cyber Insurance Shopping

The Wall Street Journal recently reported that premiums collected by the largest U.S. cyber insurance carriers in 2021 rose 92% year-over-year, largely in response to a surge in ransomware. Cyber risk insurers are also declining coverage to companies with substandard cybersecurity controls, as well as changing the fine print for sublimits to reduce coverage for types of losses one by one.

The best defense: a thorough, quantitative analysis of the loss exposure in dollar terms that your company faces from cyber risk – and in detail. RiskLens software and services run on FAIR™ (Factor Analysis of Information Risk), the international standard for cyber risk quantification. Here is a quick look at two tools from RiskLens to give you maximum advantage in shopping for cyber insurance coverage. 

RiskLens Enterprise Platform

For organizations running a cyber risk management program at enterprise scale, the platform offers these capabilities for smart cyber security insurance purchase: 

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The rule of thumb is, buy insurance for low likelihood/high impact loss events and invest in controls for higher likelihood/lower cost events. With a…