Month: March 2023

The AI infrastructure shaping the future of cyber underwriting in the face of ever-evolving digital risks.

Posted on by Dirk Shaw

At SecondSight, our mission is to bridge the gap between small and medium-sized businesses and insurance capacity, ensuring comprehensive protection in the expanding digital landscape. We are dedicated to helping businesses thrive by providing innovative digital risk management solutions that empower them to understand and hedge against the risks associated with digital growth.

Our commitment is to keep you in business by closing the distance between business owners and capacity, fostering a secure and prosperous future for all in the ever-evolving digital world.

Overview

SecondSight is powering the future of cyber insurance with its state-of-the-art digital risk management Artificial Intelligence. By delivering a comprehensive understanding of digital risk severity, we enable companies to make informed decisions regarding their digital risk management strategies.

Inspired by catastrophe modeling and stress-testing practices of commercial property underwriting, our AI adapts these methods to the digital realm. We provide continuous evaluation and assessment of digital assets, creating a solid foundation for next-generation underwriting.

Developing integration protocols and telematics for clients’ digital assets, we empower carriers with insights needed to understand, model, and plan for potential risks. This information equips carriers to optimize their portfolios, effectively manage digital risks, and adapt to the ever-changing cyber landscape.

SecondSight’s approach to cyber underwriting bridges the gap between the digital world and insurance, setting new standards in the quantification and management of digital exposure.

Vision for Tomorrow

SecondSight is at the forefront of providing AI infrastructure to shape the future of underwriting in the face of ever-evolving digital risks.

Our vision: An Underwriter notices changes in exposure patterns and re-prompts the AI system to understand the impact of adjusting their underwriting standards for a specific segment. The AI predicts the severity based on these changes, allowing the Underwriter to confidently apply the new standards. In real-time, brokers are notified about the updated requirements and which of their clients are affected. Clients then receive a pre-packaged remediation checklist along with a list of trusted partners offering negotiated rates. With just one click, clients can authorize the necessary remediation work.

The AI-assisted cyber underwriting revolution is here.
The AI-assisted cyber underwriting revolution is here.

We’re not just dreaming of this future; we’re actively building it today. By leveraging the power of neural networks, we’re adapting to the ever-changing landscape of digital risk. As digital expansion leads to infinite possibilities, both in opportunities and risks, our AI infrastructure is designed to handle the known challenges of today and the unforeseen issues of tomorrow – all without the need for constant update cycles.

This capability is essential in a world where no one on the cyber value chain can predict the next type of exposure. Stakeholders need an AI infrastructure that can be re-prompted on a whim, offering agility and responsiveness in the face of uncertainty.

SecondSight is empowering businesses to navigate and thrive in the digital age.

Empowering Brokers with SecondSight: Optimized Cyber Insurance Program Design & Tailored Solutions

Posted on by Dirk Shaw

Introduction

The cyber insurance market is rapidly evolving, posing challenges for brokers who need to stay ahead of the curve to better serve their clients. At SecondSight, we empower brokers with optimized cyber insurance program design and tailored solutions, helping them differentiate good risks from bad ones, providing actionable insights to ensure more effective coverage, and simplifying the process for both brokers and their clients.

Our Mission and Approach

Our mission is to enhance cyber insurance program design by optimizing coverage limits, pricing, and terms. We achieve this through a proven process that differentiates good risk from bad risk and provides actionable insights that ensure brokers can deliver more effective solutions to their clients.

We assist brokers in smartly evaluating, categorizing, and monitoring digital risk, enabling more effective coverage solutions for their clients. Our approach consists of three key steps:

  • Assess: We provide a complete picture of digital risk, both from outside-in and inside-out perspectives.
  • Segment: We help brokers understand which risks are best aligned with carrier requirements and identify necessary remediation measures to improve risk profiles.
  • Monitor: We continuously monitor all aspects of digital risk as they change, advising clients on the work they need to do to protect themselves. Our Innovative Solution

What sets SecondSight apart is our AI-powered solution that goes beyond traditional digital risk assessment. We help clients maintain the best digital risk profile, ensuring they always have the most suitable coverage available.

Our products help brokers:

  • Submit Better Applications: We take the hassle out of cyber applications while providing underwriters with better data.
  • Market Differentiation: We strengthen applications so they rise to the top of the underwriters’ pile.
  • Digital Risk Segmentation: We offer clarity on good vs. bad risks, enabling brokers to guide clients toward effective mitigation strategies. Success Stories

SecondSight’s approach has already demonstrated its value in the market. One broker was able to improve their program design, resulting in an increase in coverage limits from $1 million to $12 million, along with better terms. By partnering with SecondSight, brokers can deliver optimized program designs and tailored solutions, giving them a competitive advantage in a scarce market.

Conclusion: Choosing SecondSight

In an increasingly complex and competitive cyber insurance market, SecondSight is here to empower brokers with the tools, insights, and support needed to deliver optimized program designs and tailored solutions. Our innovative approach simplifies the process for both brokers and their clients, providing real quantification of digital risk, and enabling brokers to more efficiently acquire new business and retain existing customers.

Choose SecondSight and join the next generation of brokers who are shaping the future of cyber insurance. With our expertise and proven track record, brokers can navigate the complex cyber insurance landscape with confidence and deliver exceptional results for their clients.

Unlocking Better Cyber Insurance through AI-Powered Digital Risk Quantification

Posted on by Dirk Shaw

 

  1. Uncovering Hidden Digital Assets: SecondSight’s personalized digital asset inventory uses AI to identify critical digital assets specific to your organization. This ensures comprehensive cyber insurance coverage and reveals hidden assets that traditional methods might overlook.
  2. Real-time Digital Risk Monitoring: Move beyond basic cybersecurity precautions with SecondSight’s customized digital risk management. The digital risk tracker continuously monitors your digital assets, alerting you to potential risks in real time and keeping your business one step ahead.
  3. Harnessing the Power of Machine Learning: SecondSight’s advanced technology utilizes machine learning to identify the newest digital risks based on artificial intelligence. This cutting-edge approach offers a significant advantage over traditional digital risk management methods, keeping your assets secure.
  4. Immediate Risk Remediation with Tailored Recommendations: React quickly to increases in risk surface area with SecondSight’s recommender, which notifies you of increased digital risk instantly. The AI-driven platform provides personalized remediation recommendations based on your digital assets and risk profile, ensuring effective and targeted responses.
  5. Simplified Cyber Insurance Application Process: Say goodbye to starting cyber insurance applications from scratch. Once set up with SecondSight Workbench, the streamlined process makes applying for cyber insurance easier and more efficient than ever before.

In conclusion, SecondSight’s AI-driven approach revolutionizes digital risk management by uncovering hidden assets, providing real-time monitoring, harnessing machine learning, offering personalized remediation, and simplifying the cyber insurance application process.

Experience the future of digital risk management with SecondSight.

Mining company increased its cyber insurance coverage from $1.5M to $12M

Posted on by Dirk Shaw

Situation:  A US mining company faced challenges with digital risk that limited their ability to increase their cyber insurance coverage.  The company had 500 active users on its network and their data had grown beyond 50 terabytes spread across 35 different locations.  The company lacked visibility into the types of data they were responsible for including sensitive PII/PHI data, data subject to digital privacy laws, and unused data stored beyond retention requirements.  To qualify for cyber coverage with higher limits, the company needed to identify digital risk, reduce its exposure, and apply the right risk controls on the digital assets that mattered most to the organization.

Complication:  In 2018, the mining company was impacted by a ransom attack.  Even though they paid the ransom, the company’s operations were shut down for almost two weeks while 90% of the workforce was unable to work.  When they were ransomed again in 2021, the company was forced to manually rebuild all of its critical operational systems.  The struggle to use paper invoices and POs during the recovery period impacted cash flow and disrupted the business for over 2+ months.

SecondSight Solution:  The mining company knew the best way to reduce their risk exposure was to first identify all the data that existed across the company, including any hidden risk stored in file shares and emails.  They had a limited budget, and instead of hiring more resources to attempt this manually as a one-time project, they chose SecondSight Risk Tracker to discover all of their data and classify the risk contained within the data – autonomously.  

Risk Tracker identified sensitive data stored across the company’s 35 locations, including data related to data privacy regulations.  Risk Tracker confirmed that only 40% of the operational data consisted of original documents – the remaining 60% were all duplicates.  In some cases, documents with highly sensitive data had 3-4 duplicate copies spread across the network.  Risk Tracker also identified unused data older than 7-year data retention requirements.  By leveraging Risk Tracker’s Live Digital Content Ledger with an open-source archive/purge utility, the mining company reduced their data footprint from 50 terabytes down to the 11 terabytes they needed to run the business.  

Return on Investment:

As an additional benefit, Risk Tracker simplified the company’s migration to Cloud and reduced their projected annual costs by 84%! The company had budgeted $190,000 per year for cloud, but after Risk Tracker classified all the mission-critical data, sensitive data, duplicates, and old data they no longer needed, the company realized they did not need to move all 50 terabytes to their new Cloud provider.  By automating data purge and archive processes, they only had 11 remaining terabytes to migrate and manage.  The reduction eliminated more than $158,000 of annual costs, saving the company almost $800,000 over its 5-year business plan.  Budgets were tight, but when the VP of IT presented the hard dollar savings to the CEO, the CEO agreed to allocate 50%, almost $400,000, to fund new risk controls the company needed to both prevent another breach, and to grow cyber insurance coverage to $12m.  According to the VP of IT:  “It was a 10-minute conversation”.

Impact on Cyber Insurance:  Risk Tracker’s holistic view of digital risk provided a foundation for both risk management and accountability.  This powerful combination accelerated risk remediation and guided data retention, privacy compliance, and the application of critical risk controls.  

Since Risk Tracker continually monitors digital risk, the mining company worked with their broker to communicate the impact of their risk mitigation and remediation strategies to the insurance carrier.  By providing ‘evidence of good digital risk behavior’, the Underwriter justified the substantial increase in cyber insurance, growing the company’s limits from $1.5M to $12M in coverage.  

The mining company’s VP of IT stated:  “Risk Tracker found all the sensitive PII and PHI data hidden across all 35 sites.  We couldn’t believe how much duplication we had, it was everywhere.  It would have been an impossible task trying to do this manually.  Once everyone knew exactly what data they were responsible for, what was high risk, and what needed to be purged or archived, we saw users change their behavior.  Eliminating all that risk made things a lot easier.  Since we knew what data was sensitive and what was most critical to running the business, we knew exactly where to apply the right risk controls.  There’s no way this would have been anywhere close to possible without SecondSight”.

Empowering Next-Generation Brokers to Simplify Cyber Insurance

Posted on by Dirk Shaw

In today’s complex cyber insurance landscape, SecondSight is paving the way for brokers to simplify processes and better serve their clients. By streamlining applications and providing cutting-edge tools, SecondSight enables non-technical brokers to become trusted advisors in the cyber insurance industry.

Navigating Cyber Insurance Challenges

The cyber insurance market is often mysterious and challenging, with applications being lengthy, technical, and confusing. Cyber risks constantly change, which necessitates frequent updates to underwriting requirements. Limited capacity in the market forces brokers to compete for costly and less comprehensive coverage.

Overcoming Fears in Cyber Insurance

Customer retention is a significant concern, with churn and Broker of Record changes becoming increasingly common. Competitors are eager to exploit these vulnerabilities, targeting brokers’ accounts and potentially impacting their entire book of business.

Seizing Cyber Insurance Opportunities

Despite the challenges, cyber insurance presents enormous opportunities for brokers. For example, a smaller broker utilized SecondSight to secure a $5M coverage increase for an MSP client when their long-time broker couldn’t help. By offering cyber expertise without being an expert, brokers can differentiate themselves, win new customers, and retain existing clients.

Standing Out in the Crowd with SecondSight

SecondSight simplifies the cyber insurance process for both customers and brokers with an easy-to-use application. This application helps explain risk controls, illuminates buyers to their risks, and provides a mitigation plan for reducing exposure. With SecondSight’s proven methodology, clients secure coverage, often obtaining better terms and lower retentions.

Leveraging Broker Advisory Tools and Market Differentiation

SecondSight equips brokers with pre-underwriting reports, specific action plans, and tailored reports customized for each client’s risk profile. By streamlining cyber applications and enhancing submissions, brokers can distinguish themselves among competing submissions to underwriters.

The Future of SecondSight

Upcoming developments for SecondSight include Broker Advisor Guides and a single application for multiple carriers, further simplifying the process for brokers and their clients.

Supporting Brokers with SecondSight

SecondSight assists brokers with onboarding, sales and marketing, and renewal management, ensuring they have the resources they need to succeed.

By simplifying processes, providing expert tools, and enabling brokers to differentiate themselves in the market, SecondSight is transforming the way brokers approach cyber insurance, empowering the next generation of brokers to excel in this ever-evolving industry.

Addressing the Complexities of Cyber Insurance Applications for Brokers

Posted on by Dirk Shaw

As a cyber insurance broker, you’re well aware of the challenges involved in navigating the complexities of cyber insurance applications. The process can be cumbersome, with varying requirements from carriers and highly technical components that may not be familiar to most brokers. SecondSight has developed a frictionless pre-underwriting process to help brokers like you overcome these obstacles, streamline the application and renewal process, and ultimately provide your clients with exceptional cyber insurance coverage.

Frictionless Pre-underwriting Explained

Frictionless pre-underwriting is a process designed to help brokers prepare their clients for cyber insurance applications and renewals in a smooth, efficient manner. SecondSight has developed AI-powered tools to simplify the process, allowing brokers to connect clients with the right coverage more easily.

Key SecondSight Tools for Pre-underwriting

  1. Digital Asset Inventory: This tool identifies key digital assets that require coverage. A comprehensive inventory not only demonstrates your client’s diligence but also helps insurers assess risk more accurately.
  2. Digital Risk Tracker: This AI-driven tool monitors the security of digital assets in real-time, alerting your client to potential risks and helping them take immediate action to mitigate threats.
  3. AI-powered Recommendations: In the event of digital risk, SecondSight’s AI system provides smart suggestions on how to best remediate the issue, demonstrating your client’s commitment to risk remediation and enhancing their application.

Streamlining the Cyber Insurance Application Process

By utilizing SecondSight’s pre-underwriting tools, you can provide insurers with well-organized, accurate information that showcases your client’s strong cybersecurity practices. This makes the underwriting process simpler and accelerates the application and renewal process, getting your clients the coverage they need faster than ever.

In summary, SecondSight’s frictionless pre-underwriting process, supported by innovative AI tools, empowers brokers like you to address the complexities of cyber insurance applications and deliver exceptional coverage to your clients. By leveraging these tools, you can successfully navigate the technical and varying requirements of cyber insurance carriers and solidify your role as a trusted broker.