Lloyd’s of London has launched a standalone cyber insurance consortium with HITRUST and an association of AA-rated carriers. The program offers HITRUST-certified organizations broader coverage, lower premiums, and a simplified cyber insurance experience.
The initiative rewards HITRUST-certified organizations with advantages such as competitive insurance rates, streamlined underwriting processes, and extensive coverage. HITRUST has established its certification framework on consistent and measurable risk management principles, upon which these offerings are based. Blake Sutherland, Executive Vice President at HITRUST, commented, “The establishment of this consortium proves the HITRUST methodology works in mitigating cyber risk while providing consistency and transparency in assessing residual risk.”
Less Than 1%
According to the 2024 Trust Report, fewer than 1% of organizations that were HITRUST-certified over the last two years were breached. The consortium insurers use this data to be more confident in pricing policies. “The consortium, founded on HITRUST’s unparalleled platform to assess and treat residual risk, raises the bar on how policyholders in the insurance industry will be able to better align their policies with cyber risks,” said Robert Booker, Chief Strategy Officer, HITRUST.
“Customized Cyber Insurance”
A consortium backed by several insurers underpins the shared risk facility. This approach enables insurers to work together to underwrite the lower risk of HITRUST-certified entities. The anticipated result? Stability and scalability of the market. State-of-the-art cyber insurance confirms standards and lowers the risk. Josh Ladeau, CEO of Trium Cyber, stresses the relevance of this method. He said, “Incorporating HITRUST certification directly into our underwriting process allows us to deliver customized cyber insurance solutions that reward organizations for their high standards of security and risk management.”
The program is now available for HITRUST r2-certified organizations. There are plans to expand to other certifications as well as HITRUST’s AI Security Certification in 2025.
Other News: HITRUST and Trium Cyber Launch New Cyber Insurance Product(Opens in a new browser tab)
