www.bitsight.com
Open in
urlscan Pro
2606:4700:10::6816:4bf2
Public Scan
Submitted URL: https://outreach.bitsighttech.com/t/9165/sc/b689cfc4-cde6-493c-9d83-9bb6d4cba327/NB2HI4DTHIXS633XFZWHSL3WJ4ZVMMZQONEG4R32/MNSWCMBY...
Effective URL: https://www.bitsight.com/press-releases/cyber-insurers-could-reduce-loss-ratios-16-removing-most-risk-entities-gallagher-...
Submission: On November 05 via api from US — Scanned from US
Effective URL: https://www.bitsight.com/press-releases/cyber-insurers-could-reduce-loss-ratios-16-removing-most-risk-entities-gallagher-...
Submission: On November 05 via api from US — Scanned from US
Form analysis
0 forms found in the DOMText Content
This website is AudioEye enabled and is being optimized for accessibility. To open the AudioEye Toolbar, press "shift + =". Some assistive technologies may require the use of a passthrough function before this keystroke. For more information, activate the button labeled “Explore your accessibility options”. Skip to main content UTILITY * Blog * Partners * Request Demo * Chat With Us * Login See Your Rating Show/Hide Main Menu * Products * Enterprise Security * Security Performance Management * External Attack Surface Management * Cybersecurity Analytics * Security Ratings * Trust Management Hub NEW * SPM Integrations * Digital Supply Chain * Third-Party Risk Management * Vendor Risk Management * Continuous Monitoring * Vulnerability Detection & Response * TPRM Integrations * Cyber Governance & Reporting * Cybersecurity Ratings * Cybersecurity Regulations * Cyber Risk Quantification * Cybersecurity Data Feed * Cyber Data Solutions * Cyber Underwriting & Risk Control * Cyber Insurance * Professional Services * Service Offerings Free Attack Surface Report Your attack surface is expanding—know exactly how it looks. Our report gives you the insights you need to see your external attack surface. Receive custom report * Solutions See beyond borders Bitsight enables risk and security leaders to see beyond the firewall — to the vendors and partners, clouds and applications, patches and programs — that introduce risk in your digital ecosystem. * By Use Cases * Exposure Management * Third-Party Risk Management * Reporting and Compliance * Cybersecurity Regulations NEW * Continuous Monitoring * Executive Reporting * Supply Chain Visibility * Investment Management * National Cybersecurity * By Industry * Financial Services * Insurance Services * Healthcare * Government * Technology * Energy/Utilities * Retail * Manufacturing * Education Start Deploying Continuous Threat Exposure Management (CTEM) Turn the concepts of Gartner continuous threat exposure management into a practical, actionable strategy, customized to address the specific risks of your organization. Download whitepaper * Why Bitsight Trust in our data We combine real-time discovery of networks, assets, and vulnerabilities with our AI attribution engine and over 100 security researchers to amass one of the largest and mapped risk datasets in the world. * Why Bitsight * Why Bitsight * Security Ratings Leader * * Trusted Ratings * Data & Insights * Data Correlation & Studies * Data Discovery * Data Mapping & Attribution NEW * Cyber Data for Capital Markets NEW * Bitsight TRACE * Latest Security Research * Meet the Team Bitsight delivered 297% ROI for security leaders Forrester Consulting's Total Economic Impact™ Of Bitsight study shows a near 3x return on investment and material business outcomes for customers. Download Study * Company Building trust in the digital economy Bitsight is a cyber risk management leader transforming how companies manage exposure, performance, and risk for themselves and their third parties. * About Us * Our Story * Our Team * Diversity & Inclusion * Press Releases * In the News * Connect with Us * Careers * * Open Positions * Events * Locations * Contact Us Customer Adoption of Bitsight Cloud Monitoring Grows 170% Amidst Increased Demand for Visibility Across Digital Infrastructure Read release * Resources Did you know? More than 60% of Known Exploited Vulnerabilities remain unmitigated past deadlines and take, on average, 4.5 months to remediate. Source: Bitsight TRACE * Resources * Customer Stories * Reports & eBooks * Datasheets * Webinars * Videos * Cybersecurity Glossary * All Resources * Blog * Vulnerabilities & Incidents * Policy & Regulations * Exposure Management * Third-Party Risk Management * All Blog Posts Critical Vulnerabilities Discovered in Automated Tank Gauge Systems A recent investigation discovered multiple critical 0-day vulnerabilities. Read blog See Your Rating * Blog * Partners * Login * Chat With Us * Request Demo CYBER INSURERS COULD REDUCE LOSS RATIOS UP TO 16% BY REMOVING MOST-AT-RISK ENTITIES, PER GALLAGHER RE ANALYSIS OF BITSIGHT DATA October 22, 2024 Share * Facebook * Twitter * LinkedIn Global study of 62,000 organizations, 589 million IP addresses identifies correlated predictors of cybersecurity risk BOSTON – Oct. 22, 2024 – A new study conducted by Gallagher Re, a leading global reinsurance broker, evaluated Bitsight analytics of security performance data of 62,000 organizations across 67 countries and its own proprietary database containing cybersecurity incidents and claims. The study concluded that poor performance in certain key areas increased an organization’s risk of experiencing a cybersecurity incident and subsequent claim, while strong performance implied a lower risk of incident. Key predictors of cybersecurity risk – valuable information for enterprise cybersecurity leaders and the cyber insurers that offer policies to cover that risk – include: * External scanning data could improve insurance loss ratios: By using targeted external scanning data in addition to firmographics to identify and remove the most damaging 20% of risks, insurers could see a loss ratio reduction of up to 16.4%. * “Cyber footprint” is a strong predictor of claims: The size of an organization's attack surface – as measured by the number of IP addresses a company maintains – was found to be a strong predictor of claims. This is a significant finding for insurers, who traditionally have focused on firmographics to underwrite policies, like employee count, industry, or revenue rather than using technographic data. * Single Point of Failure data and third-party dependencies are highly predictive of claims: As the enterprise tech stack grows, so too does the potential attack surface. Observed use of certain technology products materially increased the likelihood of a claim. This data holds great promise for the insurance industry and future risk modeling approaches. * Cyber hygiene remains critical: From patching speed to the use of HTTP headers, proper deployment of SSL certificates, DNS security, proper endpoint management and more, nine Bitsight risk vectors measuring essential cybersecurity practices were found to be correlated with cybersecurity incidents. Taking care of the basics can measurably reduce risk of incidents. "This study provides clear, actionable insights for both insurance companies and enterprises on the efficacy of security controls,” Ed Pocock, Global Head of Cyber Security at Gallagher Re. “Leveraging Bitsight's data, we've not only established a direct link between weak cybersecurity controls and higher insurance claims, but also highlighted additional strategies for insurers to more effectively assess an organization's cyber risk and potentially improve loss ratios." Additionally, enterprise cybersecurity leaders will be able to use these insights and analyses to prioritize their program investments, lower the probability of experiencing an incident, and make critical risk decisions. “For years, Bitsight analytics have been independently proven to have strong correlation with security incidents,” said Derek Vadala, Chief Risk Officer at Bitsight. “Gallagher Re’s analysis demonstrates that there is even more to the story – that meaningful, new insights, such as assessing the risk of Business Email Compromise (BEC), can be created through analyzing different parts of our massive trove of data. We are excited by these findings and will continue to explore the incredible opportunities ahead of us.” Download the full study here. About Bitsight Bitsight is a global cyber risk management leader transforming how organizations manage exposure, performance, and risk for themselves and their third parties. Companies rely on Bitsight to prioritize their cybersecurity investments, build greater trust within their ecosystem, and reduce their chances of financial loss. Built on over a decade of market-leading innovation, Bitsight’s integrated solutions deliver value across enterprise security performance, digital supply chains, cyber insurance and data analysis. For more information, visit bitsight.com or connect with us on LinkedIn. About Gallagher Re Gallagher Re is a full-service global reinsurance broking and advisory firm operating across the risk and capital spectrum. By combining analytics capabilities with reinsurance expertise, strategic advisory services and transactional excellence, Gallagher Re helps clients drive greater value from their businesses, negotiate optimum terms and achieve your risk transfer objectives. Its global client base includes all of the world’s top insurance and reinsurance carriers as well as national catastrophe schemes in many countries around the world. Backed by Gallagher, one of the world’s largest insurance brokerage, risk management and benefits consulting companies, we’re more connected to the places you do business. Whether your operations are global, national or local, we have the talent, market position and trusted relationships to build the best solutions possible. gallagherre.com BitSight Technologies, Inc. 111 Huntington Ave, Suite 400 Boston, MA 02199 United States of America +1-617-245-0469 Free Cyber Security Reports * Security Ratings Snapshot * Attack Surface Report * Supply Chain Risk Report * Marsh McLennan Cyber Risk Report * Third-Party Vendor Risk Report * BitSight Academy * BitSight Knowledge Base * Privacy Statement * Corporate Social Responsibility Statement * Security * BitSight Security Ratings Access Terms * Website Terms Of Use * Get A Free Demo * Cybersecurity Glossary * Do Not Sell or Share My Personal Information * Order Fulfillment Policy * Cookie Preferences Contact Us © 2024 BitSight Technologies, Inc. and its Affiliates. All Rights Reserved. * Facebook * Instagram * Linkedin * Twitter * YouTube This website uses cookies to enhance user experience, for advertising purposes, and to analyze traffic on our website as described in our Privacy Policy. To opt-out or learn more about our use of cookies, select "Manage Settings". Accept Manage Settings Opens in new window PDF Download Word Download Excel Download PowerPoint Download Document Download Explore your accessibility options close carousel How secure is your organization? How is it vs. the competition? Discover the all-new Ratings Report. Request your custom report now to uncover advanced insights, including your Rating, the likelihood of ransomware incidents, and the probability of data breaches in your organization. Get Free Report →