CFC partners with BitSight Technologies
Specialist lines underwriting agency CFC has partnered with cyber security ratings agency, BitSight Technologies, to provide insight into the cyber threats clients face.
The security ratings remove the need for more intrusive underwriting methods such as long questionnaires, on-site audits and software implementations.
“Ratings are calculated on a daily basis by drawing on vast amounts of publicly accessible data, including observed security events involving botnets, malware distribution and email server configuration, which are then assessed for severity, frequency and duration,” said CFC.
CFC’s clients will receive pro-active alerts along with actionable information to mitigate risks when their security ratings drop significantly. The clients will also have access to BitSight services as an added resource.
Graeme Newman, CFC director, said: “We are incredibly excited about our partnership with BitSight. Their innovative analytic tools will provide an extra dimension to our underwriting and provide huge benefits to our insureds, through increased visibility of their security posture and active security alerts.”
Ira Scharf, general manager of insurance at BitSight, added: “BitSight’s partnership with CFC marks a significant turning point in our efforts to broaden the adoption of security ratings in the cyber insurance market and across the world.
“This partnership with CFC, who are a leading provider of cyber insurance worldwide, will help to cement our status as the global standard in the security ratings industry.”