iScan Online plans to unveil iScan Cyber Insurance Intelligence at the NetDiligence Conference. The new product “quantifies cyber risk liability, placing a dollar value on a company’s cyber risk in a consistent, cost-effective and non-intrusive way.”
To date insurers have found it difficult to set cyber insurance premiums due to a lack of useful data. However, iScan argues that its new product will allow insurers to set premiums on real data and give risk managers a better idea of their cyber exposure.
The key feature of the iScan solution is the security number for each organization in the insurer’s portfolio. This “security number is the dollar value of the financial liability a company faces from its cyber risk. The security number factors in the number and type of unprotected data, who has access to that data, and the number and severity of vulnerabilities.” This data is pulled from PCs, servers and mobile devices in a non-intrusive manner to help quantify the security number, which is then presented on an user-friendly dashboard.
The new product will give insurers the ability to view the cyber risk of “a single organization, an entire portfolio, or a portfolio by industry,” on a daily, weekly, or monthly basis.