“Given the heightened awareness, concerns, and increasing frequency of cybersecurity attacks, cyber data collection for the purposes of mitigating risk and pricing risk are critical,” said Joseph Izzo, senior vice president of data strategy and information management at ISO Solutions. “Data collection and its transformation into actionable information are a concern for many company executives and their insurers, as well as regulators and government agencies at the federal and state levels.”
ISO is currently collecting premium, exposure, and loss data for cyber liability and first-party coverages written between 2010 and 2014 from insurers that choose to participate. After ISO aggregates and analyzes the data, it will be available to insurers that submitted data.
“Insurers know that data breaches can be costly for businesses. They need to provide coverage not only to investigate the incident, notify affected parties, and restore lost data but also for liability resulting from the unauthorized release of client information,” said Maroun Mourad, senior vice president of commercial lines, domestic and global, at ISO Solutions. “Having robust data is critical to the development of the cyber insurance market, which is why we’ll be reaching out directly to insurers to explain the benefits of providing their data and to help them with the electronic submission process.”
Since 1971, ISO has been a leading source of information about property/casualty insurance risk. For a broad spectrum of commercial and personal lines of insurance, ISO provides statistical, actuarial, underwriting, and claims information and analytics; compliance and fraud identification tools; policy language; information about specific locations; and technical services. ISO serves insurers, reinsurers, agents and brokers, insurance regulators, risk managers, and other participants in the property/casualty insurance marketplace. ISO is a Verisk Analytics (Nasdaq:VRSK) business. For more information, visit www.verisk.com/iso.html and www.verisk.com.
Giuseppe Barone/Colleen Finley
MWW Group (for ISO)