One of the big oportunities in cyber insurance is developing partnerships with clients and sharing knowledge. In the case of data breaches, service denial or ransoms, prevention is better than cure. So anything that insurers can do to encourage deeper learning within a client company’s culture, has to be a good thing. Here’s the word from Corvus;
Corvus Insurance, the cyber underwriter powered by a proprietary AI-driven cyber risk platform, has launched a first of its kind endorsement to help make policyholders safer through proactive engagement with Corvus Signal™, the cyber risk prevention solution shown to reduce the frequency and costs of cyber breaches by up to 20 percent. The Corvus Signal™ endorsement reduces the self-insured claim retention on a policy by 25%, subject to a maximum cap based on the program, for policyholders who engage with the security tools available in Corvus Signal™.
“Corvus’s risk prevention solution, Corvus Signal, is a perfect complement to our goal at Alliant of being a proactive advisor for all of our clients,” said John Loftus, Co-Cyber Product Leader at Alliant Insurance. “The tailored alerts to at-risk clients and continuous threat monitoring provide a new layer to traditional risk transfer that has become essential for organizations looking to stay afloat in the current threat landscape.”
When policyholders engage with Corvus Signal™, they not only save money should they have a claim, but also receive immediate recommendations on how to prioritize and implement security controls. Corvus continuously monitors for emerging threats, 365 days a year, and is able to use policyholder-supplied information to drive tailored alerting capabilities. The company provides policyholders with the resources they need to improve their security posture.
“Corvus is the trusted, long-term cyber risk partner for our policyholders. We are constantly monitoring emerging threats and using the signals and data we have to recommend actionable measures to prevent cyber attacks,” said Lauren Winchester, Global Head of Risk Advisory. “This endorsement incentivizes meaningful engagement with Corvus, which in return allows for more tailored guidance and alerting, maximizing the ROI on current and future security investments.”
In addition to driving down risk for individual organizations, Corvus Signal™ has been instrumental in Corvus achieving a U.S. industry-leading loss ratio of 36% in 2022, which the company announced last month.
To learn more about Corvus Signal™ visit www.corvusinsurance.com/corvus-signal.
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