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Specialty lines underwriter CFC Underwriting Ltd. has teamed up with cyber security ratings firm BitSight Technologies Inc. to offer a product to assess policyholders’ cyber threats.
With this partnership, London-based CFC will utilize Cambridge, Massachusetts-based BitSight’s ratings tool to provide policyholders insight into the cyber threats that they face, CFC said Monday in a statement. The ratings are calculated daily with the use of publicly accessible data, according to the statement.
These security ratings are an alternative to underwriting methods like on-site audits, questionnaires and software implementations, according to the statement.
CFC’s policyholders will get proactive alerts and information on how to reduce risks when their security ratings drop, and will also have access to BitSight services, according to the statement.
BitSight’s “innovative analytic tools will provide an extra dimension to our underwriting and provide huge benefits to our insureds through increased visibility of their security posture and active security alerts,” CFC director Graeme Newman said in the statement.
Pat Larkin, chief executive of Ireland-based security firm Ward Solutions Ltd., has said that firms in the country face an average annual bill of €240,000 ($269,000) to deal with cyber threats, Irish Examiner reported.