NAS Insurance recently launched a new tool designed to arm brokers and agents with information about a potential client before they’ve even sold them a policy.
The company’s Advanced Cyber Risk Report provides brokers with a high-level understanding of the potential policyholder’s risk profile against some of today’s common cyber risks. Not only does it give the broker or agent a clearer picture of the client’s cyber profile, it also enables them to educate clients on their risks from an outside and expert opinion.
“The Cyber Risk Report is compiled from a cyber assessment tool that performs a non-intrusive vulnerability scan of an organization’s public internet-facing systems and known vulnerabilities,” says Jeremy Barnett, senior vice president of marketing at NAS Insurance. “The tool also performs a comprehensive search of over 100 databases of known malware, blacklists and known cybersecurity vulnerabilities.”
The risk report allows brokers to have more specific, informed conversations when it comes to placing cyber policies. The broker gets a summary report at the time of quoting and, should they choose to purchase the insurance, they receive a full report with some further detail.
“We assess the five vectors of a company’s public facing web environment: the domain security, network exposure, web application risk, web traffic encryption, and mail server security,” says Barnett. “We don’t need access to a private secure environment to assess these things; they are all based on the potential client’s public web server that we can do an initial scan on, just to see how things are configured and where things exist.”
The report then generates a numerical score for preparedness against some of today's cyber threats. Scores range from 0-100 with 0 being the worst score (those at the highest risk to cyberattack) and 100 being the best (those with a lower risk to a cyberattack).
“The overall score is calculated from combining and weighting the individual risk scores,” Barnett says. “Regardless of the score, everyone is susceptible to a cyberattack and therefore at risk to some degree. Even organizations with excellent cybersecurity programs experience data breaches.
“Getting this information upfront helps the broker sell and be more informed about their clients and hopefully create a more constructive conversation in presenting cyber liability insurance rather than using third party information and headlines from the newspapers.”