HITRUST, an enterprise risk management and information security company, has partnered with specialty insurance underwriter Trium Cyber to introduce a new cyber insurance product. This product, exclusively available to HITRUST-certified customers, aims to align information risk assurances with insurance underwriting standards.
The new insurance offering, initially available to HITRUST r2 certified entities, addresses the growing complexities in the cyber insurance market. Organizations seeking insurance face challenges with qualifying, fluctuating rates, and a burdensome application process. Insurers, on the other hand, struggle to accurately understand and underwrite cyber risks due to inadequate and non-standardized assessment approaches.
Trium Cyber chose to collaborate with HITRUST because of its comprehensive controls framework and assurance methodology. HITRUST’s controls are regularly tested against current threats, providing reliable implementation verification and measurements.
“Trium found in HITRUST not just a certification, but a partnership that brings clarity and confidence to cyber risk underwriting,” said Josh Ladeau, CEO of Trium Cyber. “By integrating HITRUST’s standards and third-party validations, we can better understand the residual risk and offer an insurance product that reflects the actual risks businesses face.”
“Commitment to Innovation”
This partnership marks a significant development in the cyber insurance industry. For the first time, underwriters like Trium Cyber can access HITRUST’s assessment results through its Results Distribution System (RDS), which enhances the efficiency and security of the underwriting process via a secure API.
“Our collaboration with Trium Cyber demonstrates HITRUST’s commitment to innovation in information security and risk management,” said Daniel Nutkis, CEO of HITRUST. “This alliance aligns cybersecurity assessment with real-world insurance needs, serving as a tool for risk management.”
HITRUST’s recent Trust Report highlights the effectiveness of its assurance program, revealing that certified organizations have a breach rate of only 0.64% over two years. This underscores the relevance of HITRUST’s controls, informed by its Cyber Threat Adaptive Engine, and the reliability of its validation and certification methodologies in mitigating cyber risks.
Trium Cyber leads a growing number of Lloyd’s syndicates interested in HITRUST’s framework and secure data ingestion through the HITRUST RDS. This shared risk facility and novel partnership set a new precedent for cyber insurance. Trium plans to expand this offering to HITRUST i1 and e1 certified customers, broadening the initiative’s impact and reach.
Source: HITRUST Announces Availability of New Cyber Insurance Product Exclusively for Its Customers.
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