BitSight Unveils Faster, More Efficient Way for Insurers to Evaluate Cyber Risk
March 2019 by Marc Jacob
BitSight announced the availability of a new capability for insurers that delivers accurate, trusted security performance information on millions of small- and medium-sized insurance applicants in just seconds, enabling underwriters to rapidly evaluate and price cyber risk for the growing SMB market. This new rapid underwriting assessment leverages BitSight’s market-leading security ratings platform and provides the most comprehensive, trustworthy security performance information available in the marketplace today.
Given the resource and cost sensitivity associated with underwriting small- and medium-sized cyber insurance policies, insurers are increasingly seeking ways to underwrite in an automated yet risk-driven way. SMB customers expect to receive a cyber insurance policy quote during their first online experience or office visit, meaning brokers and agents need solutions that can evaluate cyber risk in real time. With BitSight’s newest capability, underwriters can gain visibility into the cybersecurity performance of millions of companies across the globe in just seconds, giving them increased speed and confidence in their underwriting decisions.
BitSight is a leading provider of security performance data to the insurance industry. Seventeen of the largest cyber insurance carriers in the world are BitSight customers. Approximately half of all global cyber insurance premium is written by BitSight’s customers. In 2017, BitSight was named “Cyber Service Vendor of the Year” by Advisen.