LOKKER, a data privacy and compliance solutions provider, has joined forces with cyber risk management company Bitsight to integrate LOKKER’s privacy risk data into the latter’s cyber insurance platform.
LOKKER’s Privacy Risk Assessment Reports will offer analysis of privacy risks across seven categories, offering underwriters “actionable insights”.
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This analysis is based on comparison scans, which are designed to pinpoint the potential for privacy breaches, legal challenges and regulatory penalties.
The move is said to aid in making informed policy decisions and guide insured companies in implementing remediation strategies to reduce identified risks.
Furthermore, the reports are intended to be shared with brokers and insured companies, offering them advice to proactively manage privacy risks.
The collaboration represents the first in a series of planned integrations within Bitsight’s solutions suite, the company said.
Bitsight Group product manager Chris Klinchik said: “The cybersecurity landscape is evolving, with privacy becoming a more central focus. This shift reflects broader changes across the security industry, emphasising the prevention of breaches and the protection of sensitive data – whether from legal sales to data brokers or illicit sharing on the dark web.
“Our customers were seeking a solution that could help them preserve their customers’ data privacy, and our partnership with LOKKER will empower them to understand and proactively address risks so that they can more accurately manage their loss ratios related to privacy.”
LOKKER CEO Ian Cohen stated: “Cyber privacy is increasingly one of the biggest data protection and compliance issues for companies. Almost all websites now necessarily rely on third-party software and functionality served from the edge.
“With that, the number of third parties that can access consumer data grows exponentially, and that requires different tools to analyse, monitor and control. In addition to the technological complexity of managing this data collection and sharing, we now have a patchwork of 19 different state laws to navigate. LOKKER nets this out into specific quantifiable risks and essential remediation steps.”
