Partnership Targets Growing Need for Privacy Risk Data in Insurance Underwriting
LOKKER and Bitsight have partnered to offer privacy risk analysis through Bitsight’s cyber insurance platform. This collaboration aims to equip insurers with tools to evaluate data privacy threats during cyber insurance underwriting.
LOKKER’s Privacy Risk Assessment Enhances Underwriting Insight
LOKKER’s Privacy Risk Assessment Reports are now available within Bitsight’s platform. These reports highlight privacy vulnerabilities across seven risk categories. They also include steps for reducing those risks.
Rising Privacy Breach Claims Drive Insurer Demand
Claims related to data privacy breaches and fines now rival ransomware in frequency and cost. Naturally, insurers are looking for solutions to reduce losses tied to unauthorized data sharing.
Detailed Risk Scans Provide Actionable Intelligence
The reports leverage extensive scan data to detect threats like data leaks, regulatory exposure, and third-party access. Underwriters, brokers, and insured companies can use the findings to reduce exposure.
Bitsight Responds to Industry Need for Privacy Controls
Chris Klinchik, Bitsight‘s Group Product Manager, said, “Privacy is becoming a central focus. This helps customers preserve data privacy and better manage privacy-related loss ratios.”
LOKKER Provides Tools for Real-Time Data Privacy Oversight
Ian Cohen, CEO of LOKKER, emphasized the complexity of web data collection. “We help turn that chaos into quantifiable risks and actionable steps,” he stated.
Future Integrations Planned Across Bitsight’s Solutions
The privacy risk assessment is the first of several planned integrations between LOKKER and Bitsight.
Other News: Bitsight Launches AI Cybersecurity Tool to Accelerate Vendor Risk Assessments(Opens in a new browser tab)
