The certainty and severity of cybercrime has driven demand for insurance policies to cover the cost of damage when the inevitable occurs. Now the industry is skyrocketing as companies transfer cyber-risk onto insurers.
To underwrite cyber-risk, insurers often provide questionnaires in which they ask clients about factors such as business continuity or how they typically handle incidents, such as ransomware attacks. But many of their answers are subjective and most insurers lack insight on historical data loss. What they need is concrete information to inform a growing number of cyber insurance policies, and they’re finding it through partnerships in the cybersecurity space.
Read more about how insurers are teaming up with security ratings firms to learn more about their clients, define policies, and determine coverage, on DarkReading.