Zurich takes steps to curtail third-party cyber risk

by Scott Kersgaard13 Oct 2015
If cyber risk isn’t the hottest topic in insurance, it is very close. In many cases, insurers are either shying away from covering cyber liability altogether or are pricing coverage such that many companies struggle with the cost/benefit analysis. One thing is sure, though: There is money to be made.
 
One company with a product to sell is SecurityScorecard, which just inked a deal with Zurich Insurance Company to monitor the global insurer’s third-party risks.
 
Founded in 2013, SecurityScorecard can benchmark and monitor the cyber risk characteristics of any company without requiring that company’s permission or cooperation.
 
“As we looked to further fortify our defensive layers against threats, it was clear that nobody else had the capabilities of SecurityScorecard’s benchmarking and intelligence service,” said Troy Mattern, Zurich’s deputy head of cyber security. He said the system operates continuously to update threat information. “This test will help us garner additional understanding of what risks we’re exposed to in our partners’ environments.”
 
 “Zurich has hundreds of third-party partners across dozens of countries, so it has long taken a proactive approach to averting any possible breach in its IT ecosystem, no matter how small,” said Aleksandr Yampolskiy, CEO and co-founder of SecurityScorecard.