Account Manager: Powering informed cyber underwriting decisions

Account Manager: Powering informed cyber underwriting decisions

In a hardening cyber insurance market, it’s critical that underwriters are equipped with the right information to make informed cyber underwriting decisions. Using the right cyber risk modeling tool can help you evaluate accounts effectively and improve risk selection.

CyberCube’s single risk underwriting solution, Account Manager, provides the analytics you need to help make data-driven risk selection and pricing decisions. With the right data, signals, and actionable insights, you can underwrite cyber risk with speed and efficiency. 

This article will outline what you need to know about Account Manager and how you can utilize its advanced functions to your advantage, helping you underwrite with confidence. 

Harness the power of data

Data is undoubtedly one of the most powerful tools that cyber underwriters should have. Account Manager can provide the right information to help you better understand risk and make assertive underwriting decisions. 

Account Manager pulls from an expansive data lake encompassing five layers of essential data: 

  1. Firmographic data to establish a foundation of exposure details for the companies you’re evaluating.
  2. Internal security data to understand a company’s “behind-the-firewall” security hygiene and cybersecurity practices.
  3. External security data to assess how well protected an organization is using external perimeter scan telemetry and association intel.
  4. Supply chain dependency data to see which technology dependencies an account has and how its digital supply chain might be affected by potential cyber events.
  5. Historic loss event data to look at data from past cyber events to help better understand and quantify potential future threats.

Where is CyberCube’s data from? 

CyberCube leverages a vast curated ecosystem of data partners. Pulling from various unique sources — including proprietary “behind-the-firewall” data from cybersecurity industry leader Symantec — allows us to find new and different perspectives when assessing data. 

But we don’t just provide our clients with raw data — we take the time to refine and process the information internally to ensure the highest quality data. The rigor that we apply to our data results in the unique, actionable, and trusted information you’ll want to equip your team with. 

Take advantage of actionable insights

Cyber underwriters require technical data and analytics, which can be tough to digest. Account Manager solves this by not only providing you with critical information, but also by contextualizing that data into actionable insights. 

Regardless of whether you’re a generalist, technical or non-technical underwriter, Account Manager’s actionable insights feature will help you articulate the complicated aspects of an account’s cybersecurity profile. The tool will then provide recommendations you can use to inform your underwriting decision making and help justify your choices to stakeholders. 

Use trusted cyber risk signals

Benchmarking a submission’s risk factors against relevant peer groups can help you with risk selection. CyberCube’s solution provides relevant signals organized by the National Institute of Standards and Technology (NIST) framework and can be filtered by threat types, signal origin and specificity, impact, and risk level. Some of the signals include:  

  • Infrastructure infections
  • Ransomware infections and vulnerabilities
  • Exposed credentials
  • Software vulnerabilities
  • Suspicious outbound traffic
  • RDP open ports
  • Email security misconfigurations
  • Multi-factor authentication (MFA) technologies
  • Malware infections

Account Manager differs from other modeling tools by providing a meaningful comparison and context to better understand an account’s performance and how future cyber incidents may affect it. The tool grounds signals with real life examples and provides both an attacker’s and defender’s perspective on why a signal is relevant, allowing you to hone in on the viewpoints you need to make informed risk decisions. 

Why signals with statistical significance matter

Cyber risk signals can be indicators of potential future cyber events, but to do this effectively, the signal must have statistical significance. We recently conducted a study evaluating how effective our signals were and found that within our solution, companies that tended to have cyber incidents were up to seven times more likely to have been identified by our cyber risk signals. 

If you'd like to learn more about the study, you can find the full report for free here — Evaluating Cyber Risk Signals

This report shows how effective critical signals with statistical significance can be — and using the right cyber modeling solution, like Account Manager, can ensure that you have the analytics you need to make good judgment calls when underwriting cyber risk. 

Quantify risk and estimate losses from cyber events

With an increasingly complex cyber threat landscape, having a solution like Account Manager in your cyber risk management toolbox can help you quantify risk and estimate losses from future attacks. 

Quantifying the loss potential of an event can help underwriters with risk selection, making it easier to set coverage, limits, and premiums, and even justify pricing. Understanding the ramifications of different event types also helps provide some understanding of how coverage types manifest in a loss and how much specific events may cost should they occur.

Financial Loss Model 

Account Manager’s Financial Loss Model is a tool specifically designed for underwriters to assess account risk. The feature is abundant with various loss calculations — from summary views of overall cyber loss potential to more granular cost and event-type calculations. It can help you answer questions such as:

  • Where is best to attach? 
  • How appropriate is the premium amount being charged?
  • What will the cost breakdown of a loss look like?
  • What is a company’s inherent loss potential in terms of amount and likelihood?
  • How do company-specific risk factors inform a company’s loss potential?

Gaining these insights can demonstrate how large and small events can impact an individual account, ensuring you can quantify risk and make confident underwriting decisions. 

Streamline the underwriting workflow

At CyberCube, we understand that underwriters need quick and easy access to the right information. That’s why Account Manager prioritizes speed and efficiency.

Our product is rich with data and analytics — in fact, more data and analytics than an underwriter would know what to do with, which is why we are so thorough when processing it internally, and strategic in how we are presenting it in our product. We ensure you are able to expeditiously access the insights you need, streamlining your workflow. 

What’s more, our solution’s simple, intuitive interface provides a clear and easy-to-understand view, presenting the data in a way that’s easy to navigate. This means you get the critical high level information you need quickly and succinctly.

Underwrite cyber reliably with Account Manager

With the cyber threat landscape constantly evolving, it’s never been more difficult to keep up with trends. It’s vital you have the right cyber risk modeling solution to hand. You want to ensure that you’re assessing risks with the right data and making confident risk decisions that are profitable in the long term. 

Because Account Manager has been developed from the ground up for underwriters, it does the heavy lifting to help curate the data you need to make the best risk choices, all in an easy-to-use platform that smooths your workflow. You can even integrate it into your current systems using CyberConnect APIs, which helps minimize adoption time and speed up your processes. 

If you’d like to learn more about Account Manager and how it powers informed underwriting decisions, contact us today, or check out more information on our website — Account Manager

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