Information Shield Enables Cyber Insurance Portfolio Risk Measurement
PR Web
March 04, 2021 Information Shield - a leading provider of cyber security compliance software – today announced support for the new Cyber Insurance Risk Framework. Using the ComplianceShield ™ platform and Cyber Risk Score ™ methodology, insurance providers can gain measurable insight into the cyber posture and inherent risk of their insured base. The new framework was created by the
New York Department of Financial Service (NYDFS) to help reduce systematic cyber risk across the insurance industry. Insurance providers are being required to assess the cyber maturity of their covered clients. said
David Lineman, CEO of Information Shield. Cyber risk assessment across a large portfolio of clients is a very time-consuming and inconsistent process. Using our ComplianceShield platform and Cyber Risk Score ™ method, insurance companies can quickly measure the cyber maturity of their covered clien
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Obtain Cybersecurity Expertise; and
Require Notice to Law Enforcement.
Each of these elements is important, but we call particular attention to elements 3, 4, and 7.
Regarding #3, DFS notes that evaluating systemic risk is an urgent issue in today’s marketplace, where businesses increasingly rely on a handful of providers for authentication, cloud services, and other important functions. The Framework document references the recent SolarWinds attack as an example of a vendor supply chain issue having a widespread impact. It also expresses concern about the possibility of an incident at a major cloud provider. While cyber insurers are unlikely to view the Framework as requiring that businesses adopt specific technologies to mitigate systemic risk, it will likely result in cyber insurers increasing their oversight and potentially focusing on new issues such as vendor diversification, to limit outsized impacts that might result from an incident at a larger vendor.
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For those busy insurance/reinsurance professionals out there,
BSA have provided a snap-shot of last year s UAE insurance laws
and what to watch out for in 2021.
The formal declaration of the outbreak of Coronavirus as a
pandemic (Covid-19) on 11 March 2020 sent shockwaves around the
world and the insurance industry has been hit hard. While the
market was already struggling with hardening rates and lack of
capacity, Covid-19 added fuel to the fire and saw several
reinsurers pulling out of the region, until things settle down.