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Greg Hodgkiss, Insurers are, in general, reducing capacity and raising rates because of their claims experience and further worries about trends like ransomware. Something different had to be done.
ROCK SPRINGS, WY, July 27, 2021 /24-7PressRelease/ -- Insurtech Cyber Indemnity Solutions Ltd. (CIS) knew many years ago that cyber-crime would become a huge problem for companies around the world and started to research and develop products to combat the problem so that insurers could be more confident in providing cyber policies. This research resulted in two revolutionary products:
1) a patented 'Data Insurance' methodology for providing high indemnity policies to fully insure the permanent loss of data without aggregation worries by insurers, and
2) "CP360" - a Secured Cyber Liability Policy that includes – a complete cyber risk management platform incorporating an effective suite of security products that CIS monitors 24/7 while the policy is in force and provides full reports to the insurer and insured.
Internet security is a battlefield. Criminals have weapons that few CEO's and especially IT professionals understand.
Greg Hodgkiss, CEO of CIS said "Back in 2010, we knew there would come a day when cyber-crime would become a huge problem for both businesses and insurers. Insurers today are, in general, reducing capacity and raising rates because of their claims experience and further worries about future trends like ransomware. Something different had to be done. We decided back then that pre-engineering the risk with the best technologies available was the only option."
There are issues with cyber policies today:
1) insurers want insureds to have certain security features in place, but do not know if they are in adherence,
2) companies can lapse some security requirements, creating the possibility of the insurer negating a claim, and
3) technologies relied on in the past may not provide the security necessary today. CIS has solved all of these issues.
CP360 marries loss prevention with insurance as CIS' belief is that clients would rather prevent a loss than be paid for a claim. The CP360 policy requires insureds to implement certain security features prior to purchasing the policy. After extensive research and as part of the cyber security requirements, CIS now has all policy holders implement the 'Trusted Sender Score' (TSS) offered by Zulu Labs - since it is the only proactive loss prevention tool to greatly reduce cyber-attacks which are started by unauthorized emails.
TSS is a good example of needing to use updated technology. Here is why:
• 92% of successful cyber-attacks starts with a business email compromise
• For the past two decades, email cyber security solutions have used the same methodologies that no longer work
• 'Spoofing' is a type of cyber-attack where a criminal uses a computer to trick another computer by masquerading as a legitimate entity. While the current DMARC (Domain-based Message Authentication Reporting and Conformance) email authentication protocol developed in 2013 gives domain owners (e.g. mybusiness.com) the ability to protect their domain from such unauthorized use, it can- in 95% of all cases – still be easily compromised, allowing criminals to send emails using that domain.
• Zulu Labs CEO David Barnes has twenty-two years of in-depth research and development experience in email security and understands what really needs to be accomplished to prevent cyber-attacks through spoofing, and his Trusted Sender Score uses more than 28 different metrics to analyze a domain. CIS has an exclusive global license to apply Trusted Sender Score in all insurance applications.
CIS Partner Hans Schols stated "For most insurance matters in the past, the underwriter knows what perils can affect the object or person and what loss prevention is actually in place at all times to mitigate the perils (e.g., a brick building that is sprinklered). Cyber policies are a new challenge for underwriters, since the perils are constantly changing fast and getting worse as criminals use new technology and methodology, and the loss prevention security incorporated by the insured might not be implemented at all or be up to current standards. By having insureds use new technologies like Trusted Sender Score, artificial intelligence driven endpoint detection and response, other security features and then monitoring them 24/7, CIS can meet the challenge."
CP360 – the whole system of 'Secured Cyber Insurance' and up-to-date security monitoring - provides insurers with knowledge, control and management of the risk, and brings about a paradigm shift from the option of escalating unknown risk resulting in rising premiums, exclusions and denial of insurance.
CIS and Zulu Labs have partnered globally and exclusively for insurance use. Mandating their Trusted Sender "Security Level Score" (actual secured status), is an essential milestone for the cyber security insurance industry in terms of risk management control, and for companies to thwart breach. Zulu Labs also has some of the most extensive cyber email and domain security research available.
CIS and Zulu Labs invites all insurers that wish to leverage the consolidated solution to contact them.
Cyber Indemnity Solutions Ltd. is a Insurtech focused on creating a paradigm shift in the way cyber risk is managed from a business and insurance company point of view in order to minimize attacks and lower claims costs.
Zulu Labs Inc develops innovative and sustainable email, engagement, cyber security and e-learning software applications for the general industry and franchise based organizations who benefit when using the authenticated email platform, campaign management and learning applications. http://zululabs.com
Cyber Indemnity Solutions [email protected]
Zulu Labs [email protected]
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