At the end of the assessment process, the tool provides a score from 1 to 100 on the defense level/security posture in place. For example, Port and Vulnerabilities Scanning, Exposed Credentials checks, SSL Credential Validation, whether cyber security controls such as Secure-email gateway and DDoS protection are implemented, etc. These tools scan the network and its related domains, subdomain, and IP addresses, which will be covered by the policy to perform a security assessment. Non-invasive Assessment – there are tools that allow non-invasive assessment of the client’s security posture.These tools are used to perform the following processes: These tools allowed them to not only evaluate the level of cyber exposure more accurately but also to improve the quantification and pricing model. Over the last few years, most underwriters adopted technological tools that assist them in the underwriting process. Tools used by cyber insurance underwriters Once all the information is gathered, and the proper due-diligence process is preformed, the underwriter can select the appropriate levels of cover they wish to offer the potential client and insurance pricing. The task of cyber insurance underwriting is therefore to adequately assess the exposures faced by clients and to determine the extent to which those threats are being mitigated in the risk management process. It working with such a unique product, therefore, demands technical knowledge, a deep understanding of the threats, the measures necessary to prevent damage, the vulnerabilities, and the possible impact of such vulnerabilities being exploited. Shortage of technical expertise – unlike other fields, cyber insurance underwriting places heavy emphasis on technology.The nature of cyber security is such that it requires continuous assessment of new risks and their impact. Constantly changing cyber trends – even when up-to-date information exists, the risks change and evolve on a constant and continual basis alongside technological advances.This is exacerbated by the fact that most cyber incidents go unreported because companies who have fallen victim to a cyber-attack often hide the event for fear of bad press or legal action against them. Lack of statistics and actuary information – since cyber insurance is a young product, there remains a dearth of statistics and actuary information.Underwriting for cyber insurance is relatively more complex for the following reasons: Every type of insurance has its own underwriting process, but all will follow a basic common structure: first, all relevant information pertaining to a specific risk will be gathered, then this intelligence will be used to assess and price the risk.
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