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QBE collaborates with STORM Guidance to provide CyberProfiler

This month, reinsurers, insurers, brokers, and clients can harness the power of the new STORM Guidance CyberProfiler tool, giving an ‘Attackers Eye View™’ of a business’ online presence.

With the means to see through the eyes of a cybercriminal, insured’s can mitigate all exposed vulnerabilities, lowering their risk profile, and addressing policy uncertainty.

Advanced combination of Open-Source Intelligence tools and dedicated team of specialists:

  • Includes an easy-to-follow remediation plan to make your business a hard target.
  • Easy to understand risk scoring to help identify vulnerable companies.
  • Enables brokers and insurers to accurately price risk.
  • Support from STORM Guidance to help insureds understand findings and implement suggested risk actions.

Cybercrime is at pandemic levels, and cyber insurance and renewals have become increasingly difficult to price. With insurers making losses, several have now pulled out of the cyber market, whilst others seek to better understand and manage the risks. The CyberProfiler service gives a solution to managing risk both specifically and across an entire book, giving insurers and brokers a much more informed picture of risk and a direct path to helping insureds manage and reduce exposures.

QBE has collaborated with STORM Guidance to offer the CyberProfiler service as part of their risk solutions support. Cyber insureds across QBE’s books will now receive a CyberProfiler assessment, helping them to better understand any potential vulnerabilities in their online cyber risk profiles, giving them a 360-degree approach to effective cyber risk management.

QBE Cyber Portfolio Manager, Erica Kofie commented, “We recognise that the constant and evolving threats from fraudsters can be challenging for businesses and their IT support teams to manage. Therefore, QBE is supporting its customers and the wider fight against cybercrime by offering STORM’s CyberProfiler service to its cyber policyholders.”

STORM Guidance CEO, Neil Hare-Brown added, “We are excited to announce the launch of our new CyberProfiler service, and look forward to working with QBE as leaders in the cyber insurance space. We are constantly seeing the high cost of claims relating to ransomware and other cyber incidents, which ultimately affects multiple pricing factors and it is clear that there is an opportunity for improvements in risk management in this class. Whilst underwriting and actuarial approaches are finding different ways to understand the complexities of cyber risk, helping insureds to reduce their exposures ultimately has to be the way to integrate and consolidate insurer, broker, and insured around a common goal of lasting cyber resilience. Many risk vendors misadvise insurers in this regard attempting to oversimplify highly technical controls whilst missing the real picture. CyberProfiler addresses this issue, allowing insurers to understand the true picture of their insureds cyber risk landscape, which both strengthens the insureds defences, and enables more accurate and reliable underwriting.”

QBE Senior Risk Manager, Jaini Gudhka said, “This non-invasive Cyber Profiling service can provide businesses with insight into the potential exposures that cybercriminals can exploit, and empowerment to take practical steps to remediate risks.  We are confident our customers will find this service complements their existing cybersecurity services and contributes to strengthening their cyber resilience.”

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