(Image source: FICO Cyber Risk Score page.)
FICO (San Jose), a global data analytics company, has partnered with Duck Creek Technologies (Boston) to create what the companies characterize as a seamless integration of the FICO Cyber Risk Score with P&C insurers’ policy quoting and underwriting workflows within the Duck Creek platform. FICO asserts that the partnership enables access to the industry’s most accurate cyber risk score, providing visibility into an organization’s enterprise security behaviors for underwriting efforts, while helping to drive better business decisions.
The vendor describes the FICO Cyber Risk Score as an empirical score that relies on a comprehensive and diverse set of cyber security data signals to quickly determine the risk profile of any organization. These insights outline key risk indicators, including the health of IT systems, network infrastructure, and software and services. This information is used to fine-tune the machine-learning model that produces a risk score that forecasts the likelihood of a future breach event for a given company or its associated third-party vendors.
“A trusted score benchmark in the industry—insurers, brokers, vendor managers, and Chief Risk Officers all depend on the FICO Cyber Risk Score to assess and quantify an organization’s security risk,” comments Manish Karir, VP, product management, FICO. “Integrating the FICO Cyber Risk Score with Duck Creek’s platform provides a reliable cyber assessment for insurers in the risk selection process to enhance their underwriting and pricing processes. We are truly excited to partner with Duck Creek Technologies to give P&C insurers a more streamlined and accurate underwriting workflow.”
Faster, Better Underwriting Decisions
“Cyber security is a threat to businesses of all sizes, and carriers are much more prepared to address it properly with an empirically-derived benchmark for cyber risk, rather than an opinion-based ranking,” comments Elizabeth Del Ferro, VP, partner GTM, Duck Creek Technologies. “With access to this data available directly through the Duck Creek platform, our customers’ underwriting decisions can be made faster and with greater confidence. The FICO Cyber Risk Score is a very valuable tool for insurers, and Duck Creek is glad to welcome FICO into our rapidly-growing partner ecosystem.”