Specialist lines underwriting agency CFC has formed a partnership with cyber security ratings agency, BitSight Technologies.
CFC will use BitSight’s ratings tool to provide insight into the cyber threats that their clients face. Ratings are calculated on a daily basis by drawing on publicly accessible data, including observed security events involving botnets, malware distribution and email server configuration, which are then assessed for severity, frequency and duration. For CFC, these security ratings remove the need for more intrusive underwriting methods such as long questionnaires, on-site audits and software implementations.
According to CFC Director Graeme Newman, BitSight’s analytic tools will provide an extra dimension to CFC’s underwriting and benefit insureds through increased visibility of their security posture and active security alerts.
As part of the partnership, all of CFC’s clients will receive pro-active alerts along with actionable information to mitigate risks when their security ratings drop significantly, and they will have access to BitSight services as an added resource.
“BitSight’s partnership with CFC marks a significant turning point in our efforts to broaden the adoption of Security Ratings in the cyber insurance market and across the world,” says Ira Scharf, General Manager of Insurance at BitSight.
CFC Underwriting is a Lloyd’s MGA specializing in developing and distributing insurance products for specific niche markets. Based in London, CFC has clients in over 50 countries around the world and is backed by 32 Lloyd’s Syndicates.
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