Burns & Wilcox, a North America wholesale insurance broker and underwriting manager, has formed an exclusive partnership with London-based cybersecurity company BreachAware.
Image: Burns & Wilcox BreachAware partner to provide cybersecurity insurance. Photo: Courtesy of Markus Spiske/Unsplash
BreachAware specializes in data breach research and analysis. It has developed risk mitigation tool that can scan the web 24/7 and identify compromised assets such as email addresses, passwords, and personally identifiable information linked to employees of an organization.
This tool can help in reducing the likelihood of account compromise and will warn the users of phishing attacks through instant, action-oriented alerts when new data is discovered.
Every year, millions of business records containing valuable information get compromised. This exposed data creates an elevated risk of account takeover and unauthorized access, especially, where password reuse prevails.
The insurance broking company stated that its partnership with BreachAware can add value to its products and current and future relationships. The risk management will serve as an extension of cyber products and services offered by Burns & Wilcox and can allow its commercial clients to better understand their exposure to compromised credentials, while offering a proactive approach that can reduce the risk of compromise.
The service could also lead to more favorable cyber insurance premiums for buyers.
Burns & Wilcox corporate vice president, national professional liability practice leader David Derigiotis said: “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.
“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.”
BreachAware CEO Andrew Alston said “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.
“We look forward to watching our technology help proactively serve and protect businesses across the globe.”
Burns & Wilcox, a member of H.W. Kaufman Group, was founded in 1969 and has more than 60 offices across the US, Canada and the UK. It has a workforce of over 2,000. It is headquartered in Metro Detroit, Michigan.