In a vidcast interview for journalists, industry pioneers Kirsten Bay, CEO of Cysurance, and Enterprise Security Architect Randle Henry from Check Point, shed light on the emerging role of insurability assessments in bridging the gap between cybersecurity and insurance.
The conversation put into context the Cysurance Insurability Assessment Program, Powered by Check Point – a joint initiative that is bending the risk curve in favour of businesses by assessing and managing their cyber exposure profiles.
New approach to cybersecurity insurability
The program was set as a key to the growing need for firms to assess their security posture
The program was developed as a solution to the growing need for businesses to assess their security posture accurately and improve their insurability. Henry explained the fundamental goal of the program: "The insurability assessment is a way for insurance companies to reduce the cost of their policies by assessing their clients' security posture. We’ve broken this down into three different programs based on the size and complexity of the organisation to provide visibility and map out issues that clients may not even be aware of."
By focusing on the client's cybersecurity infrastructure, the assessment helps insurers, brokers, and businesses work together to understand and address vulnerabilities that could jeopardise their organisations.
Comprehensive cybersecurity review
Bay emphasised the importance of this program for brokers, especially those who do not tend to focus on cyber policies and lack deep infosec expertise. "Applications for cyber insurance have become increasingly complex, and many brokers are not cybersecurity specialists," Bay noted. "This program supports brokers by simplifying the assessment process, providing clarity, and verifying the most important security controls are in place. It removes the need for attestations, replacing them with an assessment-backed insurance policy, which can lead to significant reductions in premiums."
The program’s combination of insurance with a comprehensive cybersecurity review gives brokers a powerful tool to offer to clients, enabling them to provide a more accurate, streamlined package for cyber insurance.
Bridging the gap between security and insurance
For the broker community, the value of this program lies in its ability to help both insurers and clients
For the broker community, the value of this program lies in its ability to help both insurers and clients. By streamlining the application process and providing actionable insights, brokers can offer more targeted insurance solutions. Bay explained how this benefits both sides. "The program creates transparency and aligns the broker’s offering with the customer's real-world security needs, reducing paperwork and providing verified information on their security posture."
The program also helps insured organisations. By offering clear, actionable steps, companies can improve their security posture, increasing their chances of receiving favourable insurance terms. "We don't want to just give them a report and walk away," Henry emphasised. "We provide key indicators of what they have, what they need, and where there are gaps. This allows businesses to address their security challenges before they become deal breakers in securing insurance."
Simplifying complex risk assessment
One of the standout features of the program is its simplicity. While cybersecurity risk assessments can traditionally be a lengthy and complex process, the Cysurance Insurability Assessment has significantly reduced that burden.
As Henry explained: "A full assessment can take eight-to-10 weeks. But for our smallest assessments, we can complete the process in just a few days. We've simplified the process into smaller, more manageable questions based on the level of risk." This tiered approach allows businesses of different sizes and industries to be evaluated appropriately, ensuring that they are neither overburdened with unnecessary assessments nor underinsured due to missed risks.
Building an association between security and executive teams
Bay highlighted that this alignment helps drive meaningful change at the board level
Another significant benefit is the way the program supports communication between cybersecurity teams and executive leadership. Bay highlighted that this alignment helps drive meaningful change at the board level.
"This is less about auditing security teams than it is about helping cyber professionals better communicate with the executive staff. The assessment provides a clear independent analysis showing what they're doing right and where improvements are needed, which helps everyone get on the same page when discussing insurability." This transparency not only strengthens the relationship between the broker, the client, and the insurer but also provides critical insights that allow businesses to prioritise their cybersecurity investments more effectively.
A new opportunity for brokers
The collaboration between Cysurance and Check Point offers brokers a unique opportunity to expand their offerings and enhance their role as trusted advisors. The ability to bundle cybersecurity assessments with insurance policies makes it possible for brokers to provide a more comprehensive service to their clients.
The package allows brokers to offer cyber insurance policies to clients they may not have come before
"When this assessment, combined with the insurance policy, allows brokers to participate in both the professional service fee and the insurance commission. It’s a win-win, especially when you consider that brokers can now play a critical role in reducing premiums costs to their clients without sacrificing their own revenue generation," noted Bay.
The package also allows brokers to offer cyber insurance policies to clients they may not have approached before. "Many brokers aren't quoting cyber insurance for every client, simply because they aren't sure how to speak to the needs of cybersecurity," said Bay. "With this assessment, they can now bridge that gap and confidently offer tailored solutions."
A new standard for the future
With the Cysurance Insurability Assessment Program, both Bay and Henry see a future where cybersecurity and insurance are better aligned, creating a more secure and financially stable environment for businesses. By offering brokers a clear path to assess and insure clients, and by empowering businesses to take proactive steps to improve their security posture, the program provides an essential service in today's risk-laden digital landscape.
As businesses continue to face ever-increasing cyber risks, the integration of cybersecurity assessments and insurance is becoming not only a smart strategy but also a necessary one. "Our goal is to reduce costs for the end customer while creating additional economic opportunities for the broker community. This program does exactly that," Bay concluded.
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