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Oceanwide Tool Assesses Cyber Risks

Staff Writer | June 19, 2015

Oceanwide announces the availability of the company’s new Cyber Risk Assessment Tool, which will help insurers identify and mitigate company-specific risks to data and privacy. 

“With cyber risk on the rise and insurance data increasingly targeted, insurers obviously need to be able to assess the cyber vulnerabilities of clients,” says Mark Orosz, CSO/CIO for Oceanwide. “Oceanwide’s comprehensive Cyber Risk Assessment Tool can be easily integrated into an insurer’s rating and policy issuance process to provide the insight needed.”

Oceanwide’s Cyber Risk Assessment Tool is web-based solution which can be customized to accommodate country-specific regulatory standards and language requirements to make it easier for insurers improve cybersecurity posture in real-time. Leveraging Oceanwide Bridge, the company’s insurance processing solution, insurance companies can effectively assess any insured’s critical vulnerabilities and exposures to cyber-attacks via a clear, comprehensive executive summary presented after the initial assessment.

“As new coverages such as cyber risk are introduced to the market, there need to be continuing ways for assessing the exposure presented,” says Karen Furtado, partner for Strategy Meets Action (SMA). “A tool such as Oceanwide’s Cyber Risk Assessment tool can present the insights needed to accurately assess the risk.”

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