Burns & Wilcox, the North American wholesale insurance broker and underwriting manager, has announced a partnership with BreachAware, a London-based cyber security firm.
The partnership will provide B&W customers with a proprietary risk mitigation tool that scans the web 24/7 and identifies compromised assets such as company email addresses, passwords, and personally identifiable information linked to employees.
Moving forward, the industry faces perhaps its biggest adversary in the rise in frequency and scale of cyber attacks; facilitated by the rampant spread of IoT devices and massive companies rushing prematurely to exploit the newest and most promising technology available.
This tool reportedly helps reduce the likelihood of account compromise and warns users of phishing attacks through instant, action-oriented alerts when new data is discovered.
Each year, millions of business records are compromised that contain valuable information used to carry out cyber-attacks against employees and organisations alike.
This exposed data creates an elevated risk of account takeover and unauthorised access, especially where password reuse is prevalent.
“Cyber threats continue to be a major business concern. Burns & Wilcox partnered with BreachAware to pair cyber security and monitoring services with our specialty insurance solutions. Brokers and agents can now offer their clients another solution to improve security, regardless if they have a Cyber Insurance product,” said David Derigiotis, Corporate Vice President, National Professional Liability Practice Leader, Burns & Wilcox.
“Many organizations don’t understand just how large their digital footprints have become. This service will help shrink down that exposure and strengthen their security posture.”
“Our team understands the importance of cyber security and risk management in the insurance industry, and our program is fit to complement the services offered through Burns & Wilcox,” said Andrew Alston, CEO of BreachAware. “We look forward to watching our technology help proactively serve and protect businesses across the globe.”
