SentinelOne, an autonomous cybersecurity platform company, has announced the addition of a new app for cyber insurers’ risk management in its Singularity Marketplace.
For organisations, the WatchTower Vital Signs Report app communicates an accurate profile of cyber security posture and controls to cyber insurers, streamlining the process of obtaining cyber insurance coverage.
For cyber insurers, the firm added, the app provides a real-time “inside-out” view of an enterprise’s cyber security health for improved policy accessibility and reduced underwriting risk.
SentinelOne said: “Leveraging Ranger Active Directory, Singularity XDR’s real-time identity attack surface module, the new reporting offering assesses susceptibility to cyber threats, including unknown assets and identity exposures – two of the leading vectors for today’s security incidents.
“This enables cyber insurers and brokers to gain unparalleled insights for their underwriting and risk management remits – lowering loss ratios with accurate risk pricing while increasing cyber insurance eligibility, premium discounts, and favourable coverage terms for organisations obtaining and renewing policies. In addition, businesses at risk of attack are provided with actionable, real-time insights to improve cyber resiliency.”
Claim pay out losses for insurers has risen 300% from 2018 to 2021 due to the growing number of costly data breaches, ransomware, and cyber incidents. As a result, in Q2 2022, U.S. cyber insurance prices increased 79% year-on-year.
Between reduced carrier appetite for underwriting risk and ascending premiums, many organisations are finding it difficult to obtain coverage, regardless of security posture, SentinelOne noted.
“The state of today’s threat landscape is pushing the cyber insurance industry to its breaking point,” said Barnaby Page, VP Incident Response & Cyber Risk, SentinelOne. “Underwriting risks have become too much for insurers to stomach while rising premiums are causing enterprises to struggle in procuring cyber insurance. The industry needs better means to gauge and demonstrate exposure to cyber threats, and we are happy to collaborate with leading risk vendors to enable the WatchTower Vital Signs Report.”
External scans have historically been used by underwriters and brokers to define organisational risk exposure. These scans, the company explained, do not validate against cyber incidents or security controls effectiveness
The WatchTower Vital Signs Report app is able to capture signals that are dynamically changing and to provide deep context into risk exposure as it is based on an organisation’s internal risk posture and data, according to SentinelOne.
Madhu Tadikonda, CEO, Corvus Insurance, commented: “Corvus is pleased to partner with SentinelOne in using the WatchTower Vital Signs Report. With increased attention paid to the report’s key cyber risk indicators, Corvus can further educate and support our policyholders in understanding their unique risks and remediation tactics. We’re thrilled that through our partnership, Corvus can be at the forefront of this important transformation in the cyber insurance market, creating even more value for our policyholders.”