Collaboration delivers unprecedented, continual insights to help underwriters evaluate cyber risk at policy issuance and during the policy; Companies can use information to improve network resilience and policy terms
New York Tue Mar 27, 2018 — XL Catlin (xlcatlin.com) and RedSeal (redseal.net) today announced a new, dynamic approach to cyber insurance, which uses an objective measurement of a network’s resilience to help underwriters more thoroughly evaluate their clients’ risks over time, helps 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.
“We see this collaboration as a win-win for all involved,” said John Coletti, chief underwriting officer, cyber and technology, XL Catlin. “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.”
“The cyber insurance industry is evolving quickly, and technology companies are working to provide useful, data-driven solutions that matter,” said Ray Rothrock, CEO and chairman of RedSeal. “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.”
For more information on the joint offering from XL Catlin and RedSeal visit www.redseal.net/cyber-insurance/clients-and-brokers. ...
About XL Catlin’s Insurance Operations
XL Catlin insurance companies offer property, casualty, professional, financial lines and specialty insurance products globally. Businesses that are moving the world forward choose XL Catlin as their partner. To learn more, visit xlcatlin.com.
About XL Catlin
XL Catlin is the global brand used by XL Group Ltd (NYSE:XL) insurance and reinsurance companies which provide property, casualty, professional and specialty products to industrial, commercial and professional firms, insurance companies and other enterprises throughout the world. Clients look to XL Catlin for answers to their most complex risks and to help move their world forward. To learn more, visit xlcatlin.com.
RedSeal’s network modeling and risk scoring platform is the foundation for enabling enterprises to be resilient to cyber events across public cloud, private cloud and physical network environments. RedSeal helps customers understand their network from the inside out – providing actionable intelligence, situational awareness and a Digital Resilience Score to help enterprises measure and improve their resilience. Government agencies and Global 2000 companies around the world rely on RedSeal to help them validate their overall security posture, accelerate investigation and improve the productivity of their security and network teams. Founded in 2004, RedSeal is headquartered in Sunnyvale, California. Follow RedSeal on Twitter and on LinkedIn.