Elevate Security has released new services, Elevate Assess and Elevate Intelligence services, designed to help the cyber insurance industry better understand the impact of human cyber risk on its clients and portfolios.
According to Verizon’s 2022 Data Breach Investigations Report, “82% of breaches involved the human element. Whether it is the use of stolen credentials, phishing, misuse or simply an error, people continue to play a very large role in incidents and breaches alike.”
Today, the cyber insurance industry relies on manual surveys and external scanning to determine risk levels for underwriting and business planning. Insurers have little direct access to data on internal risk to help them gauge risk levels within individual customers and benchmark risk across client segments.
“Over the past several years, it has become evident that the legacy actuarial data used by insurance companies is ineffective in determining enterprise risk, and policy costs have exploded,” said John Masserini, Senior Research Analyst at TAG Cyber.
“By leveraging a contextual information base, insurers are better able to predict which enterprises’ are better suited to manage today’s cyber challenges and those who are not, thereby providing pricing structures that are more in line with actual risk.”, Masserini continued.
To determine risk at specific companies, the Elevate Assess service offers insurers direct visibility into organization-wide risk. During this rapid assessment process, an organization-wide risk score — much like a credit score – is calculated from factors such as worker susceptibility to phishing, sensitive data handling, safe browsing, and password management.
To benchmark across peers and better understand risk trends, the Elevate Intelligence service offers the dataset of internal risk signals. Delivering insights on human cyber risk gleaned from billions of current and historical data points, the new monthly service leads brokers and insurers to more efficient and better-informed underwriting decisions, and more profitable cyber risk portfolios.
“We’re excited to offer the cyber insurance industry a new way to measure the human element of cyber risk,” said Elevate CEO and co-founder, Robert Fly.
“It comes as no secret that the rapid rise of human-based attacks is having a chilling effect on the industry. Cyber insurance is a key component of any organization’s overall risk posture and plan, so it is critical that insurers and brokers have the data they need to underwrite policies efficiently and profitably going forward.”, Fly continued.