BMS Group, a UK-based independent specialist re/insurance broker, has joined forces with BitSight to offer cyber risk analysis services to its clients across all lines of business.
Security ratings platform offered by BitSight is said to be the comprehensive and trustworthy security performance information in the marketplace.
The insurance firms, who use BitSight platform, underwrite nearly half of all cyber premiums across the globe.
The BitSight Security Ratings Platform uses algorithms and generates daily security ratings to help organisations manage their own security performance, alleviate third party risk, and underwrite cyber insurance policies.
The platform also allows organisations to conduct M&A due diligence and assess aggregate risk.
BMS head of innovation Ryan Jones said: “The expansion of our analytical capabilities was a key takeaway from our innovation programme, so I am very pleased to announce this partnership today.
“Cyber risk, particularly the silent cyber exposures, affects all businesses and is a growing threat.”
Jones further said that the clients using the new service will be able to accurately assess the cyber exposure of their assets and choose insurance providers accordingly, regardless of what they are insuring.
BitSight manager of insurance strategy and operations Samit Shah said: “Working with carriers around the world, including several in London for a number of years now, we believe providing transparency into security posture along all parts of the insurance value chain – carrier, broker, and client – is critical to accurate risk transfer decision-making.”