SAN FRANCISCO–(BUSINESS WIRE).
According to Verizon’s 2022 Data Breach Investigations Report, “82% of data breaches involved the human element. Whether it’s the use of stolen credentials, phishing, abuse, or simply an error, humans continue to play a very large role in incidents and breaches alike.”
Today, the cyber insurance industry relies on manual surveys and external scans to determine risk levels for underwriting and business planning. Insurers have little direct access to internal risk data to help them assess individual customer risk levels and compare risk across customer segments.
“Recent years have shown that legacy actuarial data used by insurance companies is ineffective in determining corporate risk and policy costs have skyrocketed,” said John Masserini, senior research analyst at TAG Cyber. “By leveraging a contextual intelligence base, insurers can better predict which companies are better suited to addressing today’s cyber challenges and which are not, providing pricing structures that better reflect actual risk.”
To determine risk in specific companies, the Elevate Assess service gives insurers direct insight into company-wide risk. During this rapid assessment process, a company-wide risk score—similar to a credit score—is calculated from factors such as employee susceptibility to phishing, handling of sensitive data, safe surfing and password management.
The Elevate Intelligence service provides the industry’s broadest and largest dataset of internal risk signals to compare peer comparisons and better understand risk trends. The new monthly service delivers human cyber risk insights gleaned from billions of current and historical data points, leading brokers and insurers to make more efficient and informed underwriting decisions and more profitable cyber risk portfolios.
“We are excited to offer the cyber insurance industry a new way to measure the human element of cyber risk,” said Robert Fly, CEO and co-founder of Elevate. “It’s no secret that the rapid increase in human attacks is having a chilling effect on the industry. Cyber insurance is a key component of any business’ overall risk posture and plan, so it is critical that insurers and brokers have the data they need to efficiently and profitably underwrite policies into the future.”
To learn more about worker cyber risk and how it impacts cyber insurance, join Pat Olohan, Elevate’s Insurance Business Manager, who will present a panel titled Monday October at the NetDiligence® Cyber Risk Summit in Santa Monica Reducing Cyber Risk and Improving Information Governance will moderate 10th, 2022.
About increased security
Elevate Security solves the age-old problem of employee risk. Our platform proactively protects an organization’s riskiest users by deeply integrating with the current technology stack to identify behaviors, attack patterns, and other characteristics that influence an individual’s level of risk. Security teams apply Elevate’s risk assessment and risk-aware interventions to predict controls, personalize them, and help prevent the next incident before it happens. To learn more, visit www.elevatesecurity.com.