AdvantageGo, a commercial insurance and reinsurance software provider under Coforge, has partnered with FortifyData, an automated cyber risk management firm. This collaboration aims to improve the accuracy and comprehensiveness of insurers’ cyber risk scoring.
AdvantageGo’s Underwriting Workbench will integrate FortifyData’s cyber risk ratings and monitoring capabilities. This integration will provide AdvantageGo’s clients with real-time insights into the cyber risk profiles of their policyholders and potential customers. The Underwriting Workbench will be a platform for integrating, transforming, and analyzing data from various sources, including FortifyData’s cyber risk assessments. This will help insurers make better underwriting decisions, price policies more accurately, and manage their cyber risk exposure.
Ian Summers, Global Business Leader at AdvantageGo, stated, “This partnership with FortifyData enhances our cyber underwriting capabilities. Their threat analysis and mitigation insights support the risk and pricing decision-making process for cyber underwriters.” Summers added, “The cyber security ratings from FortifyData assist in risk selection, pricing, and identifying security and compliance control deficiencies. Combined with other data inputs through our Underwriting Workbench, they provide a comprehensive solution for cyber underwriters.”
FortifyData’s cyber risk ratings and monitoring services will integrate into AdvantageGo’s product suite, including Underwriting, Exposure Management, and Event Response capabilities. This integration will help insurers assess their exposure to cyber risks, make optimal risk selections, and accurately reflect potential financial damage. A spokesperson from FortifyData noted, “This partnership allows us to deliver a solution that helps insurance providers better understand and manage their cyber risks. By combining our cyber risk expertise with AdvantageGo’s insurance ecosystem, we aim to improve cyber risk assessment and management.”
Cyber Risk Scoring
More broadly, integrating advanced cyber risk scoring and monitoring capabilities within the insurance industry marks a significant advancement in how cyber risks are assessed and managed. This new standard encourages insurers to adopt more sophisticated practices, leading to overall improvements in cyber risk management. Enhanced risk assessment and proactive mitigation strategies contribute to greater resilience within the sector. This helps insurers better prepare to handle the growing threat of cyber incidents.
Moreover, this advancement drives innovation within the industry, fostering the development of new products and services that address emerging cyber risks. It enhances trust with policyholders, who increasingly seek insurers capable of robustly protecting against cyber threats. As data protection regulations tighten globally, using sophisticated cyber risk tools aids compliance, reducing the risk of legal penalties and maintaining regulatory goodwill. Overall, these improvements not only help stabilize the broader economy by minimizing the economic impact of cyber incidents. They also support market growth by making cyber insurance products more appealing and reliable.
Other News: Coalition & Aspen Partner to Boost U.S. Cyber Insurance Capabilities (Opens in a new browser tab).
Other News: Eldorado ransomware campaign found targeting Windows and Linux systems alike.