CommsLock SolutionTech Announce the Launch of Cyber Insurance Managed Service
Date: 1 Oct 2019 Category :
CommsLock SolutionTech are pleased to announce the launch of our Cyber Insurance Managed Service to provide real time protection for Insurers and Policy Holders in the burgeoning Cyber Insurance market.
The managed service identifies, manages, and resolves exposure to unseen but potentially catastrophic risk allowing Insurers to price cover accurately based on known risks while also managing unknown risk throughout the term of the policy and providing forensics capability during the claims investigation process.
“Using automated discovery and remediation of cyber threats across all attack stages the CommsLock SolutionTech Managed Service for Cyber Insurance is an exciting development for the sector” said Graham Penrose, CommsLock CEO. “This represents a unique offering in the Cyber Insurance sector especially for the highly vulnerable SMB and Corporate sector who would otherwise not be in a position to invest in these types of sophisticated processes and technologies.”
The CommsLock SolutionTech service protects the entire cyber ecosystem by correlating users, files, network traffic, and host activities with a complete set of threat prevention and detection tools, joined by pre-set and custom auto-remediation policies for post-compromise activity.
By unifying all aspects of breach protection in a single interface, CommsLock SolutionTech eliminates the need for multi-product security stacks, and dependency on expensive, hard to find, security skills.
The managed service provides advanced protection to the Insurer and the Policy Holder in a non-invasive manner with minimal effort and is deployable in a matter of hours.
“This service dramatically reduces risk for Insurers while also adding new revenue streams” Penrose added. “As well as providing the core function of managing risk the service adds additional insights to Insurers and their Customers.”
Cyber Insurance Assessment for Quotes & Compliance
The service provides an underwriting tool that determines Cyber Risk thereby minimizing insurance premiums and maximizing compliance for potential or renewing customers.
The service provides for an assessment by Insurers of their customers cyber risk level. The outputs allow the Insurer to determine:
- The level of cyber risk that exists at a customer in order to price the risk;
- Provides the customer with a non-invasive state of the art assessment of their cyber risk using technology that the majority of these customers would not be in a position to deploy internally with their own resources;
- Provides customers with a full picture of the discovered threats including anomalous network, user, file, and host behaviors;
- Allows the Insurer to caveat any Cyber Insurance policy on the basis that discovered threats are resolved and that the customers cyber security posture meets a Minimum Viable Cyber Risk (MVCR) level before issuing a policy;
- Allows the Insurer to be a key part of their customers Compliance processes including GDPR;
- Reduces risk for customers by using the outputs to bolster the defense of “best efforts” in the event of a GDPR compliance issue;
- Similarly the service reduces the claim amounts faced by Insurers under Cyber Insurance policies.
Claims Tool for Loss Adjusters – Forensics for Investigation
In the event of a claim the service allows a Loss Adjuster to determine if a claim was the result of a known issue at the time of policy inception which remained unresolved despite the resolution of the known issue being a condition of the provision of the policy.
“Active Monitoring” for Cyber Insurance Policies
The service provides cyber insurance policy holders, via their Insurer, with a 24/7/365 network monitoring and remediation service for the lifetime of a policy.
This protects the Insurer and the Policy Holder throughout the lifetime of the policy and also allows the Insurer to practively manage its own risk during the lifetime of the policy. It also allows the insurer to provide quotes for new Cyber Insurance policies on a “with or without Active Monitoring basis”.
Company Name: CommsLock
Contact Person: Ms. Lili Torres