HITRUST, a specialist in information security assurances, has launched a first-of-its-kind cyber insurance consortium in partnership with Lloyd’s of London.
This shared risk facility aims to provide insurance coverage and rates to organisations worldwide that hold HITRUST certifications.
Go deeper with GlobalData
The consortium, backed by a network of globally recognised AA-rated insurers, aligns cybersecurity practices with customised insurance solutions.
By incentivising organisations with HITRUST certifications, the consortium offers a range of benefits including reduced insurance costs and streamlined underwriting processes.
Organisations with HITRUST certifications can expect a starting credit of 25% on premiums and can be underwritten in as little as one week with a single-page exclusion model.
To facilitate the consortium, HITRUST has developed a secure application programming interface (API) that enables insurers to access information about an organisation’s HITRUST r2 certification through the company’s Results Distribution System.
This technology provides insurers with structured, consistent assessment data, leading to more accurate and efficient underwriting.
These offerings are available for companies with HITRUST r2 certifications, where multiple insurers share the underwriting risk of policies.
Plans are in place to extend these capabilities to include the i1 and e1 assurance programmes by 2025, with the potential to broaden the scope to HITRUST’s newly released AI Security Certification offering.
HITRUST chief strategy officer Robert Booker said: “This massive initiative underscores Lloyd’s of London’s commitment to fostering innovation and staying on the cutting edge of a new cyber insurance frontier.
“The consortium – built on HITRUST’s unique ability to help organisations measure and manage residual risk while allowing third parties to trust and rely on those results – sets a new standard for how the insurance industry will align policies with cyber risks moving forward.”
HITRUST Sales and Business Development executive vice-president Blake Sutherland stated: “The creation of this consortium validates the effectiveness of the HITRUST methodology in reducing cyber risk and enabling consistency and transparency measuring residual risk.”
