How broadening our use of cybersecurity data can help insurers
Gallagher Re’s 2024 cyber claims correlation study, developed with Bitsight’s data, explores how external cybersecurity scanning data can enhance underwriting accuracy for the (re)insurance industry. By examining over 62,000 companies and 589 million IP addresses, Gallagher Re compares companies’ security controls with actual insurance claims. This study identifies key predictive factors, including IP address count and patching cadence, that help forecast claims. It also introduces Single Point of Failure (SPoF) data, which highlights dependencies on third-party services like AWS and VPNs.
Key insights from Gallagher Re’s 2024 cyber claims correlation study include:
- External scanning data can reduce loss ratios by up to 16.4%.
- IP address count is a strong predictor of cyber claims, offering valuable insight into company risk profiles.
- Patching cadence, or the speed at which vulnerabilities are fixed, remains a critical factor in predicting losses.
- And more!
Download the study for the full findings.
