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March 6, 2018
SAN JOSE, Calif. — March 6, 2018
Cybersecurity breach insurers now have a better way to measure and manage risk across insureds, portfolios and industries. Silicon Valley analytics firm FICO today announced that the FICO® Enterprise Security Score is the first cybersecurity rating to include powerful risk assessment and modeling capabilities to help insurers make better underwriting, pricing and portfolio decisions, and meet profitability targets for their cyber book of business.
More information: http://www.fico.com/en/products/fico-enterprise-security-score
With the insurance dashboard, underwriters can embed individualized risk assessment for each policy in their portfolio analysis, including dependency/vendor risks, giving the underwriter the greatest flexibility in modelling various risk scenarios. Using the dashboard, underwriters can:
“This is a big step forward for cybersecurity insurance, which is one of the newer forms of business insurance,” said Doug Clare, who oversees cybersecurity solutions at FICO. “Just as lenders use the FICO Score to understand risk at the consumer and portfolio level, the FICO Enterprise Security Score shows insurers risk across their cybersecurity book, based on a very detailed, policy-level risk assessment. We’re seeing a lot of interest from insurers in using these powerful tools.”
The FICO® Enterprise Security Score performs a complex assessment of an organization’s network assets, applies advanced predictive algorithms, and then condenses the results down to a three-digit score that rank-orders based on the odds of breach for the organization. Companies can use this score to understand and track their own performance, or evaluate the security risk of their vendors and other business partners. FICO’s score is the first in the industry to quantify the risks introduced by 4th parties — a partner or vendor’s vendors. FICO was part of a consortium of industry leaders that developed new guiding principles for cybersecurity ratings.
FICO (NYSE: FICO) powers decisions that help people and businesses around the world prosper. Founded in 1956 and based in Silicon Valley, the company is a pioneer in the use of predictive analytics and data science to improve operational decisions. FICO holds more than 185 US and foreign patents on technologies that increase profitability, customer satisfaction and growth for businesses in financial services, telecommunications, health care, retail and many other industries. Using FICO solutions, businesses in more than 100 countries do everything from protecting 2.6 billion payment cards from fraud, to helping people get credit, to ensuring that millions of airplanes and rental cars are in the right place at the right time.
Learn more at http://www.fico.com
FICO is a registered trademark of Fair Isaac Corporation in the U.S. and other countries.
Porter Novelli for FICO
Europe, Middle East & Africa
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