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March 1, 2022

Gallagher Re partners BitSight to better address cyber risks

Reinsurance broker Gallagher Re has selected BitSight, a cybersecurity ratings firm, to unlock cyber-modelling insights for its clients.

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Never Trust, Always Verify: Is Zero Trust the Next Big Thing in Cybersecurity?

Cyberattacks continue to rise every year and no sector seems to be immune. Hackers target sensitive information such as organizational, client, and financial data, as well as intellectual property (IP) and proprietary functions. As digital transformation becomes a top priority for many organizations, traditional perimeter-based security models are no longer sufficient to address the growing cybersecurity concerns. Against the backdrop, enterprises explore zero trust as it takes a micro-level approach to authenticate and approve access at every point within a network. Reasons to read: The cybersecurity landscape is swiftly changing, and businesses need more awareness to meet the evolving change. The report highlights the current state of play and the future potential of the zero trust approach in cybersecurity to protect critical digital infrastructure of enterprises across sectors such as financial services, healthcare, telecom, and transportation, among others. Read our report and gather insights on the following topics:
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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.”

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.”

Free Whitepaper
img

Never Trust, Always Verify: Is Zero Trust the Next Big Thing in Cybersecurity?

Cyberattacks continue to rise every year and no sector seems to be immune. Hackers target sensitive information such as organizational, client, and financial data, as well as intellectual property (IP) and proprietary functions. As digital transformation becomes a top priority for many organizations, traditional perimeter-based security models are no longer sufficient to address the growing cybersecurity concerns. Against the backdrop, enterprises explore zero trust as it takes a micro-level approach to authenticate and approve access at every point within a network. Reasons to read: The cybersecurity landscape is swiftly changing, and businesses need more awareness to meet the evolving change. The report highlights the current state of play and the future potential of the zero trust approach in cybersecurity to protect critical digital infrastructure of enterprises across sectors such as financial services, healthcare, telecom, and transportation, among others. Read our report and gather insights on the following topics:
  • Traditional vs zero trust protection
  • Key advantages and solution providers
  • Major industries and key players
  • Drivers and challenges
  • Top funded startups and Mergers & Acquisitions
  • Implementation challenges
by GlobalData
Enter your details here to receive your free Whitepaper.

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