Reinsurance broker Gallagher Re has selected BitSight, a cybersecurity ratings firm, to unlock cyber-modelling insights for its clients.
The alliance will combine cybersecurity data of BitSight with Gallagher Re’s reinsurance insights and analytics.
This will offer a complete view of security performance and supply chain aggregation within their portfolios for reinsurance clients.
According to the broker, its customers would benefit from differentiated understanding of cyber risk compared with current modelling approaches because of the tie-up.
Gallagher Re senior cyber consultant Ed Pocock said: “We believe data has a key role to play in cyber’s next growth phase, by unlocking improvements across underwriting, portfolio optimisation and catastrophe modelling.
“Combining sophisticated data from BitSight with our differentiated approach to analytical modelling will help us deliver the insights that enable our clients to secure their competitive edge as cyber continues to grow.”
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The cyber insurance space is currently undergoing a drastic transformation as claims related to ransomware attacks continue to rise.
Making use of cyber data supports insurers in risk selection and subsequent loss ratio, stated the broker.
BitSight insurance vice-president and general manager Stephanie Snyder Frenier said: “BitSight is yet again proving to be a critical part of the insurance marketplace, arming reinsurers with the cybersecurity performance data they need to make more informed decisions.
“This partnership indicates BitSight’s continued momentum in helping the global marketplace improve its understanding and management of cyber risk.”