Companies are scrambling for a way to minimize cyber risk, before they issue insurance policies.
Techimon has released an industry leading cyber risk management tool that provides an accurate report card for underwriters for checking the cyber health of suppliers and vendors. The new cyber risk report card can immediately check if vendors / suppliers pose a cyber risk all within 60 seconds.
As the big companies scramble to find a reliable way to identify cyber risk. Insurance companies can now check risk within seconds, using Techimon’s Rapid cyber risk scorecard.
About Techimon Cyber Security Risk Report Card
Techimon classifies its findings into FISMA Cyber Security Framework Area and Maturity Level, NIST 800-53 Control Family, FIPS-200 Area, NIST 800-37 Process Step. The classification allows you to measure the compliance level of the target company for different regulations including NIST 800-53, FISMA and GDPR.
Passive Non-Intrusive for 3rd party Risk Management and insurance underwriters
The Comprehensive Cyber Risk Scorecard provides letter grades and data details behind twenty risk categories. The passive version of the scorecard does not touch an organization’s systems or network assets, making it easy and non-intrusive for 3rd party risk management and cyber insurance subscribers.
Executives get an easy to understand scorecard with letter-grade scores and IT security teams can drill down to the technical details behind each risk category.
An Accurate Cyber Risk Report Card
The risks/vulnerabilities are prioritized by severity so that security engineer can quickly identify and mitigate them. The grading is based on industry standards and best practices (NIST NVD, MITRE CVSS, etc.). The overall grade indicates how easy it is to hack a company and individual category grades indicate how easy it is to leverage the security weaknesses of the category or the potential impact on a company’s cyber reputation.
It is designed for performing a more comprehensive analysis of the cyber risk posture of a company or a large third partners (suppliers, cyber insurance customers, etc.). JSON formatted Data is also available via API.
Related News: Apple, Cisco team up with insurance companies to offer cyber policy discounts worldwide as hackers increasingly take aim at their technology systems. Cybercrime insurance, once a little-known product, has gained traction as hacks involving large companies such as Equifax and Target have become more costly and commonplace.
U.S. cyber security premiums totaled $1.35 billion in 2016, according to the National Association of Insurance Commissioners. That is a sliver of the $244.9 billion in total premiums for U.S. commercial line insurers, but a growing market in which insurers are trying to distinguish themselves.
Apple CEO Tim Cook said in June that his company and Cisco were collaborating to get cyber insurance discounts for businesses using their products. He said the combination of gear from the two companies was more secure than competing technology.