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Sponsored By:
The Importance of Speed
in Cyber Underwriting
Visit www.advisenltd.com at the end of this webinar to download:
– Copy of these slides
– Recording of today’s webinar
The Importance of Speed
in Cyber Underwriting
Many Thanks to our Sponsor!
Copyright © 2016 Symantec Corporation
4
3,000+ Engineers & researchers
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500+ Security researchers
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1 Billion Web requests categorized daily
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1 Million Threats analyzed daily with machine learning
99% Automated protection
Bring sophistication by driving cyber decisions from the analysis
of security data
Leading the way to smarter and more efficient risk and insurance communities, Advisen delivers: the right information into the right hands at the right time to power performance. www.advisenltd.com
About Advisen
Today’s Panelists
Bob Parisi Managing Director
Marsh FINPRO
Oliver Brew Chief Underwriter
Symantec
Nikon Rasumov Director of Product
Symantec
Importance of SPEED in Cyber Underwriting
Small Business vs. Complex Risks
Small Business vs. Complex Risks
Small Business vs. Complex Risks
Small Business vs. Complex Risks
Thank you, panelists!
Bob Parisi Managing Director
Marsh FINPRO
Oliver Brew Chief Underwriter
Symantec
Nikon Rasumov Director of Product
Symantec
Visit www.advisenltd.com at the end of this webinar to download:
– Copy of these slides
– Recording of today’s webinar
The Importance of Speed
in Cyber Underwriting
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Contact Us Advisen Ltd. 1430 Broadway 8th Floor New York, NY 10018 www.advisenltd.com Phone +1.212.897.4800 [email protected]
About Advisen Ltd. Advisen is the leading provider of data, media, and technology solutions for the commercial property and casualty insurance market. Advisen's proprietary data sets and applications focus on large, specialty risks. Through Web Connectivity Ltd., Advisen provides messaging services, business consulting, and technical solutions to streamline and automate insurance transactions. Advisen connects a community of more than 200,000 professionals through daily newsletters, conferences, and webinars. The company was founded in 2000 and is headquartered in New York City, with offices in the US and the UK.
+1 (212) 897-4800 | [email protected] | www.advisenltd.com
Leading the way to smarter and more efficient
risk and insurance communities.
Advisen delivers:
the right information into
the right hands at
the right time to power performance.
1
Persona SMB Complex Risk
Insured
Question
Understand basic security questions Focus on meaningful deep dive
questions for industry and size
Broker
Coverage
Appreciate the benefits and breadth of
the cyber coverage
Customize the policy to specifics of the
company risk profile
Carrier
Time
Reduce the time for underwriting low
premium accounts
Focuses the time of the underwriter on
the most salient highlights of an
application
Everyone Context switching between information
gathering, submitting, rating, pricing,
quoting, binding
All stakeholders in different systems
looking at different information
Small Business vs. Complex Risks
Copyright © 2017 Symantec Corporation
Problems and Solutions in Underwriting
Small Business vs. Complex Risks Persona SMB Symantec CyberWriter Complex Risk
Insured
Question
Understand basic
security questions
• 420 simple tooltip explanations of
underwriting question (Pii vs PCI)
• 22 Risk description (phishing vs malware
attack)
• 22 Mitigation steps (train your employees
vs Anti-Malware)
Customized questions for large risk have
been created by:
• 10 Top Cyber Underwriters
• 5 F500 Company CISOs
• 10 Symantec Security Experts
Focus on meaningful
deep dive questions
for industry and size
Broker
Coverage
Appreciate the benefits,
value and breadth of the
cyber coverage
• 200 Risk Factors (low # of OpSec)
• 10 every-day Underwriting Scenarios (lost
laptop vs BEC)
• 20 Estimated Costs Types (legal)
• 6 insurance coverages with description of
what scenarios are covered by policy, limit
and deductible (Tech E&O, BI, Media)
Customize the policy
to specifics of the
company risk profile
Carrier
Time vs
Risk
Reduce the time for
underwriting and risk
selection
We can answer more questions by:
• 13 Pre-populated firmographics
• 22 Company specific and micro-segment
security metrics (phishing attacks vs open
ports)
• 30 averaged statistics for industry and size
(%IT budget for security)
• 4000 underwriting and security rules that
automatically scan for an application risks
depending on the dynamic threat profile
(financial industry targeted by nation state
of financial gain)
Focuses the time of
the underwriter on the
most salient highlights
of an application
Everyone Context switching
between information
gathering, submitting,
rating, pricing, quoting,
binding
• 2.7x faster streamlining of Information
Gathering, Submission, Rating, Pricing,
Quoting, Binding all in one platform
• 3in1 platform for insured (CISO, CRO, CLO,
CFO), brokers (retail, whole sale,
international), underwriters (junior, head,
chief)
All stakeholders in
different systems
looking at different
information
Copyright © 2017 Symantec Corporation
Problem Solution
21 Copyright © 2017 Symantec Corporation
Competitive Feature Differentiation
Features Symantec
CyberWriter Outside-In Rating
Spreadsheet
or Internal Tools
Underwriting
Platforms
Outside-in Data ✔ ✔ ✔ ✖
Broker Self-service ✔ ✖ ✔ ✔
Symantec Data on SMBs ✔ ✖ ✖ ✖
Complex Risk Data ✔ ✔ ✖ ✖
Premium Quote ✔ ✖ ✔ ✔
Variables Policies ✔ ✖ ✔ ✔
Deep Dive Questions ✔ ✖ ✔ ✔
Rule-based Analytics ✔ ✖ ✖ ✖
Underwriting Scenarios ✔ ✖ ✖ ✖
Accelerate Underwriting ✔ ✖ ✖ ✔
Improve Risk Selection ✔ ✔ ✖ ✖
Sum 10 2 5 5
Copyright © 2017 Symantec Corporation
Outside-In vs Inside-Out: WannaCry and Petya illustrate that it is insufficient to rely on outside-in data alone
22 CONFIDENTIAL: Not for distribution outside of client organization without written permission from Symantec. Contains draft product development plans, which are subject to change at any time.
1
100
10000
1 100 10000 1000000
# O
pe
n P
ort
SM
B v
1
(~1
3k
to
tal
Ma
y '1
7)
# Wanna Cry Infection Attempts (~13MM total May '17)
Hell
High competition
and lucky guess
High competition and bad luck
Pearls in the dirt
