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:
“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.”