XL Catlin and RedSeal have partnered on a new approach to cyber insurance using an objective measurement of a network’s resilience to help underwriters evaluate their clients’ risks over time and help clients continue to improve their cybersecurity and potentially improve their insurance terms.
RedSeal’s network modeling and risk scoring platform creates a network model from the inside out, including physical assets, as well as those in public and private cloud environments. RedSeal uses this info to calculate the Digital Resilience Score, a holistic measure of the network’s resilience, similar to a credit worthiness score. The score evaluates the client’s network to determine:
- How weaknesses from incorrectly configured devices and third-party software could impact the network;
- How accessible a company’s valuable assets are to attackers; and
- The degree to which the network – including all its devices and their connections – is understood.
More resilient networks deliver higher scores, which means they are potentially lower risks. Once an XL Catlin client installs RedSeal and gets their initial Digital Resilience Score, and again during a mid-term evaluation, XL Catlin will determine if the client’s resilience warrants improved terms.
According to John Coletti, chief underwriting officer, cyber and technology, XL Catlin, clients have the option to create a cycle of continuous improvement in their cyber security efforts, and underwriters have more in-depth information to evaluate their risk and provide the most appropriate policy terms and pricing Customers also use the same information to improve their resilience and lower their risk.
XL Catlin insurance companies offer property, casualty, professional, financial lines and specialty insurance products globally.
RedSeal headquartered in Sunnyvale, Calif., offers a network modeling and risk scoring platform to help enterprises respond to cyber events across public cloud, private cloud and physical network environments.
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