Artemis ILS NYC 2020

Menu

Reinsurance News

XL Catlin and RedSeal launch risk analysis tool for cyber insurers

29th March 2018 - Author: Staff Writer

Insurer and reinsurer XL Catlin and RedSeal have launched a risk analysis tool for cyber insurers with a dynamic measure of resilience to gauge risk and improve cybersecurity and insurance terms.

Cyber security imageThe risk analysis objectively measures a network’s resilience to help underwriters more thoroughly evaluate their clients’ risks over time, while helping clients continue to improve their cybersecurity and potentially improve their insurance terms.

“We see this collaboration as a win-win for all involved,” said John Coletti, Chief Underwriting Officer (CUO), cyber and technology, XL Catlin.

“We’re giving our clients the option to create a cycle of continuous improvement in their cyber security efforts.

“Plus, our underwriters have more in-depth information to evaluate their risk and provide the most appropriate policy terms and pricing – and our customers can use the same information to improve their resilience and lower their risk.”

RedSeal’s patented network modelling and risk scoring platform creates a network model from the inside out, including physical assets, as well as those in public and private cloud environments.

It then uses insights gained to calculate the Digital Resilience Score; a holistic measure of the network’s resilience, similar to a credit worthiness score which evaluates the client’s network to determine how weaknesses from incorrectly configured devices and third-party software could impact the network.

Ray Rothrock, Chief Executive Officer (CEO) and Chairman of RedSeal, said: “The cyber insurance industry is evolving quickly, and technology companies are working to provide useful, data-driven solutions that matter.

“RedSeal’s platform of network modelling and scoring provides unique insights and hard to find issues within digital enterprises for both XL Catlin’s underwriters and their clients, which we expect will benefit both. We’re enabling a new, collaborative era in cyber insurance and cybersecurity.”

In addition the risk evaluation determines how accessible a company’s valuable assets are to attackers and the degree to which the network – including all its devices and their connections – is understood.

More resilient networks deliver higher scores, which means they are potentially lower risks.

XL Catlin said it will determine if the client’s resilience warrants improved terms if they install RedSeal and get their initial Digital Resilience Score, and again during a mid-term evaluation.

Recent Reinsurance News

Getting your daily reinsurance news from Reinsurance News is a simple way to receive only the reinsurance industry news that matters, delivered directly to your email inbox.

  • Only email is mandatory, but the more you tell us about yourself the better we can serve you in future!
  • This field is for validation purposes and should be left unchanged.

By submitting the form you are giving your consent to be emailed by us.

Read previous article:
The Hanover explores alternatives for Chaucer business, including possible sale

The Hanover Insurance Group, Inc. said today that it is exploring "strategic alternatives" for its London-based Chaucer business is underway,...

Close