ISO to Collect Cyber Insurance Data to Mitigate Cybersecurity Risk
Staff Writer | April 06, 2016
ISO will collect, aggregate, and analyze cyber insurance data to help address a major issue facing today's cyber insurance market: the need for more detailed underwriting and rating information.
"Given the heightened awareness, concerns, and increasing frequency of cybersecurity attacks, cyber data collection for the purposes of mitigating risk and pricing risk are critical," says Joseph Izzo, senior vice president of data strategy and information management at ISO Solutions. "Data collection and its transformation into actionable information are a concern for many company executives and their insurers, as well as regulators and government agencies at the federal and state levels."
ISO is currently collecting premium, exposure, and loss data for cyber liability and first-party coverages written between 2010 and 2014 from insurers that choose to participate. After ISO aggregates and analyzes the data, it will be available to insurers that submitted data.
"Insurers know that data breaches can be costly for businesses. They need to provide coverage not only to investigate the incident, notify affected parties, and restore lost data but also for liability resulting from the unauthorized release of client information," says Maroun Mourad, senior vice president of commercial lines, domestic and global, at ISO Solutions. "Having robust data is critical to the development of the cyber insurance market, which is why we'll be reaching out directly to insurers to explain the benefits of providing their data and to help them with the electronic submission process."
All insurers, regardless of whether they currently report data to ISO, may submit their data by September 30, 2016, to qualify as a participant that will receive the aggregated information. Those insurers with questions about the special data call can e-mail CyberSpecialCallRequest@verisk.com or call Verisk Customer Support at 1-800-888-4476. Information about the call and about ISO's various cyber insurance offerings can be found on the ISO Cyber Risk Solutions website, www.iso.com/cyber.
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