Check Point recently teamed up with Cysurance, a leader in next-generation risk mitigation, to launch a joint Insurability Assessment program. This innovative program is designed to help businesses proactively identify and mitigate potential cyber security risks, ensuring they meet stringent security standards and improve their insurability.
With an average of $4.45 million spent on every data breach in 2023 and a projected $265 billion ransomware cost by 2031, maintaining cyber resilience is essential for any business. Leveraging industry standards and frameworks such as NIST, CSF, and GDPR, the program identifies opportunities and deficiencies, providing industry-tailored recommendations for an enhanced security posture.
“Transparency and expertise are at the core of this comprehensive process. The assessment team focuses solely on delivering objective analysis and recommendations to provide brokers — and their clients — with comprehensive reports highlighting strengths, weaknesses, and actionable insights for improvement,” said Randle Henry, Enterprise Security Architect at Check Point. “These assessments can significantly improve organizations’ ability to obtain high-quality cyber insurance policies at reasonable costs.”
Comprehensive Cyber Insurability Assessment Process
The Insurability Assessment program follows a meticulous process to ensure thorough evaluation and actionable recommendations:
- Engagement: Define roles, assign controls, and establish responsibilities.
- Collection: Conduct interviews, gather evidence, and conduct site visits.
- Analysis: Carried out by Check Point and varies according to assessment level.
- Report: Register recommendations and perform GAP analysis.
“The Insurability Assessment Program, Powered by Check Point, offers a vendor-agnostic, objective risk analysis of clients’ enterprise technology environments. By utilizing advanced AI and automation technologies, the program delivers a thorough assessment of organizations’ current exposure to risks and provides insights on how to significantly reduce the frequency, severity, and impact of cyber incidents. It empowers business leaders to address vulnerabilities and risk factors effectively, thereby tipping the risk curve in their favor,” said Kirsten Bay, CEO at Cysurance.
An Indispensable Resource for Cyber Insurance Brokers
The Insurability Assessment Program presents a paradigm shift for brokers. It offers an expert-driven platform that reduces brokers’ efforts to identify and qualify clients’ eligibility for cyber policies and streamlines the enrolment process. By providing comprehensive security assessments, brokers can help more clients mitigate risks more quickly and offer enhanced coverage for lower premiums.
The program provides ongoing education and training materials as the threat landscape evolves to keep brokers and their clients informed. This commitment to continuous learning empowers brokers to navigate the cybersecurity landscape confidently and provide unparalleled value to their clients.
About Check Point’s Infinity Global Services
Check Point offers comprehensive managed security services through its Infinity Global Services. These services, used by 5,000 Enterprise customers, include threat research, MDR, risk assessment, proactive monitoring, professional services, and top-notch training. Our suite of cyber security services provides end-to-end protection – from initial assessment and design to ongoing training and optimization to rapid response – ensuring the highest level of security. Backed by world-class experts and real-time threat intelligence, our extensive range of services helps safeguard organizations of all sizes.
About Cysurance
Cysurance is a next-generation risk mitigation company that certifies, warrants, and insures security solutions deployed by enterprise end-users. Certified solutions providers meet the most stringent requirements demanded by underwriters regarding risks associated with hardware, software, infrastructure, and security services deployed by enterprises across all industries and geographies. Certified offerings minimize vulnerabilities faced by public, private, and non-profit leaders. As a program underwriter, the warranties attached to Cysurance-certified solutions can be applied to cyber-insurance deductibles and other out-of-pocket expenses in the wake of an incident or breach. Our mission is to work with market-leading players in IT, cyber risk management, and the insurance community to enhance business resilience by protecting revenue and supporting rapid recovery in the event of an incident.
Contact Us
To get started with your insurability assessment, contact us at DLcyberinsurance@checkpoint.com