FICO introduces new tool for cybersecurity underwriters

Insurance dashboard allows underwriters to better measure risk across insureds, portfolios and industries

FICO introduces new tool for cybersecurity underwriters

Cyber

By Ryan Smith

FICO has introduced a new insurance tool to help cybersecurity breach insurers better measure and manage risk across insureds, portfolios and industries.

FICO’s Enterprise Security Score now has an insurance dashboard that allows underwriters to embed individualized risk assessment for each policy in their portfolio analysis, giving more flexibility in modeling various risk scenarios. Using the dashboard, underwriters will be able to:

  • Calculate a range of risk metrics such as probable maximum loss
  • Input their organization’s historical distribution information on overall claimable loss, and losses in subcategories like legal fees and crisis management – to determine a more accurate exposure assessment
  • Simulate various risk scenarios and model financial risks under a variety of conditions
  • Model both primary insured risk and risk from primary insured’s fourth-party relationships
  • Review risks at a policy, portfolio and book-of-business level
  • Include historical claim and performance data
  • Model potential failures at common fourth-party vendors in order to discover hidden dependencies across portfolios

“This is a big step forward for cybersecurity insurance, which is one of the newer forms of business insurance,” said Doug Clare, FICO’s head of cybersecurity solutions. “Just as lenders use the FICO score to understand risk at the consumer and portfolio level, the FICO Enterprise Security Score shows insurers risk across their cybersecurity book, based on detailed, policy-level risk assessment.”

 

Keep up with the latest news and events

Join our mailing list, it’s free!