FICO Cyber Risk Score continues strong customer momentum in cyber insurance marketplace

FICO, a global analytics leader, announced today that its FICO Cyber Risk Score continues to see significant momentum in the cyber insurance marketplace with strong growth and new customers in 2020. The FICO Cyber Risk Score is the industry’s most accurate cyber risk score in the market, providing clear transparency for underwriting and helping drive better business decisions.

Volante Global, Tarian Underwriting Limited, and RLI Insurance Company join a growing list of global insurance carriers currently leveraging the FICO Cyber Risk Score for underwriting, portfolio management, risk aggregation, modeling and pricing.

The FICO Cyber Risk Score has also been recently nominated by the cyber insurance industry for Advisen’s Cyber Risk Model of the Year. In addition, Chartis Research named FICO as a category leader in cyber risk quantification in the Cyber Risk Quantification Solutions, 2019: Market and Vendor Landscape report.

“FICO has become the trusted name in cyber risk scoring in the insurance marketplace and we are pleased to work with industry leaders,” said Julie May, vice president, cyber security solutions, FICO. “The FICO Cyber Risk Score gives cyber insurance underwriters the ability to measure cyber risk for an individual insured, or in aggregate across their entire book or segments of their book of business. With integrated workflows and dashboards, insurers are actively engaging their customers and prospects in the cyber risk assessment process, bringing transparency to cyber risk measurement.”

While the cyber insurance marketplace continues to experience rapid growth with projections of the market reaching $10B by 2025, models for underwriting cyber insurance have remained relatively unreliable due to the evolving cyber landscape. Insurers are also faced with an increasingly stringent regulatory environment with the adoption of the General Data Protection Regulation (GDPR) in Europe. FICO delivers an empirical solution, bringing science to the challenge of managing cyber risk to help insurers grow their book of business. The FICO Cyber Risk Score is the only score that provides a predictive, forward-looking assessment of cyber risk, leveraging a behavior-based, data-driven and empirical method to measure cyber risk.