29 June 2023Analysis

Gallagher Re unveils new cyber white paper

Gallagher Re has released its latest cyber IQ white paper: Can scanning technologies predict claims?

In 2022, Gallagher Re built a machine-learning model and combined it with historical claims to better understand which elements of external scanning would have been more predictive of claims at the point of underwriting.

In the wake of that the new white paper presents the key insights from the study into the ability of the data to predict cyber claims, as well as to outline upcoming trends with insurers’ uptake of outside-in technology.

According to Gallagher Re the key findings of the report include:

  • Some technographic data holds the ability to predict cyber claims and the potential to provide a powerful tool for insurers 
  • External scanning data is a particularly valuable tool for identifying the worst 20% of risks 
  • Web security, patching cadence and port security were the risk factors to be most predictive of claims 
  • A growing minority of carriers are moving away from utilising an overall score as check and balance on questionnaire results and moving towards working with ‘risk factors’  
  • ‘Attack management’ becomes a standard part of the cyber insurance offering 
  • The use of AI tools could help vendors overcome dependency on URLs in the future 

For more information contact Gallagher Re.