“Inside-Out” risk reporting provides visibility into organizations' telemetry data, identifying exposure to cyber threats and helping to reduce cyber insurance premiums
SentinelOne, provider of a cybersecurity platform with autonomous response capabilities announced the availability of the WatchTower Vital Signs Report application in the Singularity Marketplace. For companies, this new reporting functionality is an effective way to communicate an accurate profile of cybersecurity posture and controls to cyber insurers, simplifying the process of assigning the corresponding insurance coverage. For cyber insurers, the app provides a real-time “insider” view of a company's security posture to improve policy accessibility and modulate the level of risk.
“The current state of the cyber threat landscape is pushing the insurance industry to the point of collapse,” he said Barnaby Page, VP Incident Response & Cyber Risk di SentinelOne. "Underwriting risks have become too much for insurers to stomach, while rising premiums are putting companies in difficulty purchasing cyber insurance. The industry needs effective tools to properly assess exposure to cyber threats, and we are happy to partner with leading risk players to deliver the WatchTower Vital Signs Report."
The growing number of data breaches, ransomware and cyber incidents has meant that compensation losses for insurance companies are increased by 300% from 2018 to 2021. As a result, in the second quarter of 2022, the prices of cyber insurance policies in the United States are increased by 79% on an annual basis. Between the reduced propensity to underwrite the level of risk and the increase in premiums, many companies find it difficult to take out a policy, regardless of their security posture.
Until now, underwriters and brokers have defined the organization's risk exposure using external scans, which cannot validate cyber incidents or the effectiveness of security controls. SentinelOne's WatchTower Vital Signs Report is based on an organization's internal risk posture and data, capturing dynamically changing signals and providing precise context of risk exposure.
Exploiting Ranger Active Directory, Singularity This enables cyber insurers and brokers to gain insights critical to their underwriting and risk management activities, reducing loss rates with accurate risk pricing and increasing cyber insurance eligibility, premium discounts and favorable coverage terms for organizations that underwrite and renew policies. Additionally, companies at risk of attacks receive real-time information to improve cyber resilience.
Some opinions from SentinelOne's partner insurance companies
"Coalition is committed to helping organizations of all sizes and industries secure comprehensive, cost-effective cyber insurance policies. SentinelOne's WatchTower Vital Signs Report is an indispensable step in creating a common language for businesses and insurers and encouraging transparency. Together with SentinelOne, we help organizations develop resilient, layered cybersecurity programs that prevent digital risk before it strikes," said Michael Carr, Coalition's North America Head of Risk Engineering.
"Corvus is pleased to partner with SentinelOne in utilizing the WatchTower Vital Signs Report. By bringing greater attention to the key cyber risk indicators included in the report, Corvus is able to further educate and support our policyholders in understanding their specific risks and remediation tactics. We are excited that through the partnership, Corvus can be at the forefront of this important transformation of the cyber insurance market, creating even more value for our customers," said Madhu Tadikonda, CEO of Corvus Insurance.
"Cowbell congratulates SentinelOne for developing this important solution that benefits both SentinelOne customers and Cowbell policyholders. By partnering with SentinelOne as a founding partner of the WatchTower Vital Signs Report, we expect to increase the effectiveness of our risk pool that continuously monitors more than 90% of U.S. SMBs for their cyber posture. This cybersecurity and cyberinsurance partnership is aimed at helping SMBs build resilience across the entire cyber risk lifecycle," Jack highlighted Kudale, CEO of Cowbell Cyber.
