How Insurance Companies Can Leverage Cyber Risk Management

Last year set multiple records for cyber crime, and none of them were good. 

DDoS attacks soared into the stratosphere, with an average of 26,000 attacks per day, or roughly 18 per minute. It was also a banner year for ransomware, with approximately 37% of global organizations reporting at least one ransomware attack and the emergence of over 130 new strains. The average cost of a data breach also hit a 17-year high, increasing to $4.24 million

Amidst all this the shift to distributed work continues to concern IT decision makers, 84% of whom worry about the myriad risks associated with telecommuting, and not without reason.  

Now more than ever, we live in a world of constant risk. Fueled by this, companies are scrambling to protect themselves via the implementation of cyber risk and cyber resilience strategies. Cyber insurance is a cornerstone of both — and insurance agencies are racing to keep up with demand. 

As of last year, 75% of organizations have purchased cyber liability insurance. The market for this type of coverage has grown in leaps and bounds, and continues to do so. The question, however, is whether your firm is ready to contend with this surge. 

Because although demand is at an all-time high, so too are loss ratios. Premiums have skyrocketed as clients become more willing than ever to pay more for cyber insurance, especially when sensitive information is involved. Claims and losses, meanwhile, are increasing in huge increments year over year. 

How Insurance Companies Can Leverage Cyber Risk Management

The Basics of Cyber Insurance 

Cyber insurance coverage typically protects a company against liability from damages associated with a cyber incident such as a data breach. It also reimburses companies for expenses related to said incident. These costs may include, but are not limited to: 

  • Legal counsel
  • Digital forensics
  • Notification costs
  • Crisis communications
  • Loss of income/revenue
  • Regulatory fines
  • Business continuity/disaster recovery costs

As you might expect, the growing complexity of ecosystems and threat landscapes presents a challenge not just for businesses, but for cyber insurance firms as well. In an effort to address this challenge, many firms are leveraging risk scorecards. By evaluating multiple metrics and variables, these scorecards enable measurement of a company’s risk and exposure levels. 

Yet the amount of manual work required to compile one of these scorecards can be extensive, particularly for clients that lack a complete picture of their own infrastructure. MGAs and underwriters are doing the best they can with the resources available to them. But that is not enough, especially in such a flourishing, highly competitive industry.

To set your insurance company apart, you need more than accuracy and expertise. You need to be efficient at any scale. That’s where Centraleyes comes in. 

Start Getting Value With
Centraleyes for Free

See for yourself how the Centraleyes platform exceeds anything an old GRC
system does and eliminates the need for manual processes and spreadsheets
to give you immediate value and run a full risk assessment in less than 30 days

How Can Insurance Companies Benefit From Automated Cyber Risk Management?

A new breed of cloud-based risk management platform has arrived on the market, giving insurance companies a powerful tool to control the way they create, underwrite, and manage cyber insurance policies. 

Centraleyes is one example of these next-generation risk management platforms that can automate threat intelligence, visualization, and evaluation across your business. Through an intuitive, centralized dashboard, insurance agencies can actively lower risk and ensure compliance for their clients on an ongoing basis. More importantly, the platform addresses some of the most common pain points in the insurance sector. 

Rapid Onboarding 

Onboarding is traditionally a complex process, requiring comprehensive evaluation and analysis. With Centraleyes, it can be completed in minutes. Smart questionnaires allow your firm to establish a quick overview of a prospective customer, and the Centraleyes client can be deployed to any organization with a single click. Plus, it offers full support for multi-tenancy, so you can easily deploy it to any client interested in cyber insurance.

Centraleyes also comes with over fifty preloaded industry frameworks, with smart mapping to multiple frameworks, automated remediation, and an advanced risk register, which together, can save your agents potentially hundreds of hours of manual work — while also providing an excellent value add for your customers. 

Visualize, Quantify, & Benchmark All Types of Data

Centraleyes features a cutting-edge visual dashboard that streamlines the process of data collection and analysis, making it easy to collaborate with your clients at every stage of your relationship. 

The platform also offers intuitive, automated remediation, providing clients with actionable guidance and advice. As you might expect, this not only strengthens your own risk management, but also augments your reputation as an insurance company.

With Centraleyes, your agency can easily stand out in a saturated field, maximising efficiency and providing an invaluable service to clients in the process. 

Advanced Analytics & Reporting

Traditionally, risk management is incredibly complex and difficult to understand without specialized knowledge. 

Centraleyes proves that it doesn’t need to be. First, it provides a more comprehensive picture of a business’s risk profile than ever, combining live threat intelligence with industry data and an advanced risk register. More importantly, however, is the fact that this data is presented in a way that’s both intuitive and understandable. 

Risk scorecards provide an immediate idea of a business’s current status. A visual dashboard allows your agents to see all relevant information about your agency’s clients at a glance. And finally, advanced visual reports arrange threat and risk data in a way that’s easy to understand.

Modernize Your Approach to Cyber Risk Management With Centraleyes

Centraleyes gives insurance companies a best-in-class, cloud-native platform to rapidly onboard, measure risk exposure, automate remediation and prioritization, and access data-driven insights into your client’s risk exposure. 

You not only ensure all stakeholders are kept in the loop, but also that they understand their business’s risks, how to fix them, and why they matter.

Contact us today to learn more about how Centraleyes can bring your insurance agency to new heights. 

Start Getting Value With
Centraleyes for Free

See for yourself how the Centraleyes platform exceeds anything an old GRC
system does and eliminates the need for manual processes and spreadsheets
to give you immediate value and run a full risk assessment in less than 30 days