Three ways we’re using technology to improve cyber risk
Why is the harnessing of technology so important for the cyber insurance lifecycle? Because a good cyber insurance policy doesn’t begin and end with words, but with actions.
From making the quoting process simpler, faster, and more accurate, to helping customers stay ahead of the hackers, here are just a few of the ways we’re using technology to improve cyber risk:
- To help making quoting simpler
CFC uses bespoke data enrichment technology to scan for basic underwriting information so we don’t have to ask for it up front. In fact, our single-question quoting platform Connect is able to pull most of the required information with only a business’ domain name. Not only does this allow brokers to get a quote and bind a policy instantaneously, but it allows us to gather vital information about our customers’ risk profile from the very start.
- To prevent claims for our policyholders
Cyber insurance is one of the few lines where it’s possible to identify vulnerabilities before businesses even know they have an issue. Using technology from both internal and external sources, we’re able to monitor our clients’ systems throughout the policy period and notify them of vulnerabilities that often lead to cyber incidents, like open RDP ports or corporate login credentials being sold over the dark web.
- To help inform the underwriting process
CFC has been selling cyber insurance products since the first policies became available, and today we insure over 60,000 businesses in 65 countries against cyber risk. This has given us an unparalleled wealth of cyber underwriting data, which we use to look at what industries are most exposed and what security controls, or lack-thereof, are causing claims, and can adjust our approach to these industries accordingly.