Technology moves at an increasingly rapid pace, so it’s essential that insurers have an up-to-date picture of the cybersecurity risk in their portfolio. SecurityScorecard instantly identifies vulnerabilities, active exploits, and advanced cyber threats, giving insurers the key digital security data they need when building their pricing models in the Renew platform.
For many insurers, risk is felt as keenly in the digital world as in the physical. Cybersecurity is the digital threat of our age, and attacks like WannaCry and NotPetya have demonstrated the massive financial damage that they can cause. For insurers, the question remains; how to properly assess the digital security infrastructure of a company? Given the rapid changes that can be made (both for the good and the bad) in programming in a year, it is essential that digital security data remains as current as possible. Where insurers rely on inaccurate or old security data, it could mean renewing policies which have changed risk profile over the last year. For this reason, hx is excited to announce the integration of SecurityScorecard security ratings into our Renew Platform.
SecurityScorecard, the global leader in cybersecurity ratings, offers risk assessment and security ratings capabilities for a comprehensive view into any prospective policyholder’s security health. Organizations can leverage these insights to pinpoint critical vulnerabilities or gather historical data documenting a prospect’s performance related to accurate identification and effective mitigation of cybersecurity issues. Users of hx Connect will be able to continuously monitor the security posture of vendors and business partners in a policyholder’s ecosystem. By relying on SecurityScorecard’s proprietary data collection methodologies, they can ensure due diligence from the point of prospect evaluation and policy underwriting to the end of the coverage period. By maintaining this scoring during the policy period, carriers are putting themselves in a position to be a trusted data security partner, building long-term relationships and increasing the likelihood of renewal.
The partnership enables SecurityScorecard’s proprietary system to be integrated into hx Connect. Renew Connect users are able to search for a company’s domain name and instantly access data for that company including the overall grade, a breakdown of 10 key risk factors — such as Patching Cadence, IP Reputation, Application Security, and 7 more, and full details of historical breaches. SecurityScorecard also provides insights into the company type, industry, and size along with a summary of the company benchmarked against the industry average, enabling Renew Connect users to easily understand how a prospect compares to industry peers. Additionally, historical scores provide further insight into the trends for the company in question to make more informed decisions. With the ability to continuously monitor any organization, the integration empowers Renew Connect users to proactively manage risk and get a head start on the quoting and renewal process for the following year.
“SecurityScorecard is proud to partner with hx to bring this incredible value to organizations of all sizes. The critical insights we provide help security teams understand where their critical vulnerabilities lie in an easy-to-use and transparent platform. This is game-changing for organizations who will now have a true view of their cyber risk ecosystem.”
— Yves Mimeran, International Channel Director at SecurityScorecard
“The critical insights we provide help security teams understand where their critical vulnerabilities lie in an easy-to-use and transparent platform. This is game-changing for organizations who will now have a true view of their cyber risk ecosystem.”
For our Renew clients, the hx Connect section of our documentation now includes a complete annotated model which can be imported into your Renew environment to get you up and running with the ability to add companies to your cyber portfolio, cyber risk-scoring and breach history reporting querying in minutes. The SecurityScorecard APIs are all fully documented here and if you have any queries about anything in the Renew documentation please contact our support team. You will need an API key which is available on request from SecurityScorecard.
If you are not a Renew client and you are interested in a demo of how SecurityScorecard in Renew can assist your business, please contact firstname.lastname@example.org and we will arrange a session.
This integration is one of many partners available within Renew Connect.