London-based cyber risk and incident response specialist STORM Guidance, which has partnered with QBE European Operations, has rolled out its CyberProfiler tool.
Featuring the so-called “Attackers Eye View” perspective, the offering helps organisations become ‘hard targets’ by actively scanning for vulnerable technologies, configurations, user accounts, registered domains, third-party links, budgetary spend, and other sensitive information that attackers might be able to use.
“We are excited to announce the launch of our new CyberProfiler service, and look forward to working with QBE as leaders in the cyber insurance space,” stated STORM Guidance chief executive Neil Hare-Brown. “We are constantly seeing the high cost of claims relating to ransomware and other cyber incidents, which ultimately affects multiple pricing factors, and it is clear that there is an opportunity for improvements in risk management in this class.
“While underwriting and actuarial approaches are finding different ways to understand the complexities of cyber risk, helping insureds to reduce their exposures ultimately has to be the way to integrate and consolidate insurer, broker, and insured around a common goal of lasting cyber resilience. Many risk vendors misadvise insurers in this regard attempting to oversimplify highly technical controls while missing the real picture.”
CyberProfiler is said to address the issue by giving insurers a more accurate assessment of customers’ cyber risk landscape. Doing so, according to Hare-Brown, not only strengthens insureds’ defences but enables reliable underwriting.
Erica Kofie, cyber portfolio manager at QBE, commented: “We recognise that the constant and evolving threats from fraudsters can be challenging for businesses and their IT support teams to manage. Therefore, QBE is supporting its customers and the wider fight against cybercrime by offering STORM’s CyberProfiler service to its cyber policyholders.”
Cyber clients of QBE Europe will receive their respective CyberProfiler reports, to assist in the better understanding of potential vulnerabilities so they can be addressed and won’t be leveraged by cybercriminals.
“This non-invasive cyber profiling service can provide businesses with insight into the potential exposures that cybercriminals can exploit, and empowerment to take practical steps to remediate risks,” noted QBE senior risk manager Jaini Gudhka. “We are confident our customers will find this service complements their existing cybersecurity services and contributes to strengthening their cyber resilience.”
