Insurance regulators pitched on FICO-style score for cybersecurity
In the fast growing cybersecurity insurance market, underwriters face a uniquely complex problem — measuring or estimating the risk their policy-holders face from cybercrooks, online spies and other hackers. The insurance industry “doesn’t have … a set of baseline tools or metrics … to quantify their customers’ risks,” Anand Paturi, vice president of security research and engineering at RiskSense told CyberScoop. In life insurance for instance, depending on the value of the policy, risk might be measured by reference to actuarial tables which predict life expectancy, or by a medical examination measuring a wide range of physical risk factors. “That [risk] data is how you set the price of the policy,” he explained. But, in a presentation Monday to the National Association of Insurance Commissioners 2017 National Meeting, Paturi argued that the question is much more complicated in cybersecurity. He gave as an example the potentially massive losses from the WannaCry and Petya outbreaks earlier this year. In […]
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