American data and analytics firm Verisk has forged alliance with cybersecurity services company BlueVoyant Forge with the aim of offering cyber risk insights for insurers.
Under the tie-up, Verisk will offer insights driven by BlueVoyant’s cybersecurity monitoring technology to insurers through the Verisk Cyber Solutions Suite.
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This exclusive partnership will allow Verisk Cyber Solutions to deliver unparalleled cyber risk data and analytics to the insurance industry.
BlueVoyant chief operating officer Jim Penrose said: “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’re analysing.”
He added: “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.”
Compared to traditional insurance risks, cyber risks are considered to be difficult for insurers to quantify using conventional measures, such as questionnaires and inspections.
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By GlobalDataThese risks often lead to major loss events, as businesses mostly rely on the same operating, email, and cloud-based systems.
The integration of BlueVoyant’s risk data, technology, and expertise into its cyber solutions is said to enable Verisk to deliver real-time analytics on critical metrics.
This will help insurers to identify the cyber risks faced by prospects and those currently insured.
Verisk Cyber Solutions vice president and general manager Prashant Pai said: “As a managed security services provider, BlueVoyant is at the cutting edge of cyber defense.
“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.”
In March this year, Verisk collaborated with SCOR to introduce an AI-powered analytics platform for automating life insurance underwriting.
