XL Catlin and RedSeal have unveiled a new dynamic approach to cyber insurance, which uses objective measurement of network resilience to help underwriters assess their clients’ risks over time.

The system can help clients continue to improve their cybersecurity and potentially improve their insurance terms.

Unlike other cyber insurance risk analyses, which rely on surveys and a general understanding of the network at the time of the initial underwriting, XL Catlin’s approach offers its clients a more accurate, dynamic and helpful service.

RedSeal’s patented network modeling 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. With this insight, RedSeal calculates the Digital Resilience Score, a holistic measure of the network’s resilience, similar to a credit worthiness score. The Score evaluates the client’s network to determine:

How weaknesses from incorrectly configured devices and third-party software could impact the network;
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. Once an XL Catlin client installs RedSeal and gets their initial Digital Resilience Score, and again during a mid-term evaluation, XL Catlin will determine if the client’s resilience warrants improved terms.

XL Catlin cyber and technology chief underwriting officer John Coletti said: “We see this collaboration as a win-win for all involved.

“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 CEO and chairman Ray Rothrock 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 modeling 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.”

 Source: Company Press Release