HITRUST, the leader in information security assurances for risk and compliance management, today unveiled an innovative cyber insurance consortium in collaboration with Lloyd’s of London and backed by a network of globally recognized AA-rated insurers. This first-of-its-kind shared risk facility revolutionizes the cyber insurance landscape, delivering exclusive, market-leading coverage and rates to HITRUST-certified organizations worldwide. By aligning relevant and reliable cybersecurity practices with tailored insurance solutions, the consortium sets a new standard for incentivizing and protecting trusted organizations.
As cyber threats continue to escalate, organizations face increasing pressure to effectively measure and mitigate information risk. HITRUST’s proven methodology, stands out as the industry-leading solution to manage information risk and to measure residual risk. By incorporating relevant risk management practices and security controls with a comprehensive and reliable assurance process, HITRUST-certified organizations achieve a significantly lower likelihood of breaches with the gold standard for resilience in an increasingly volatile threat landscape and endorsement by leading cyber insurers.
According to the recently published 2024 Trust Report, less than 1% of HITRUST-certifications experienced a breach over the past two years. This remarkable statistic underscores the effectiveness of the HITRUST assurance program in delivering measurable risk mitigation outcomes.
The newly formed consortium with Lloyd’s of London unites additional capital from a global network of Moody’s recognized AA-rated insurers to establish an innovative shared risk facility. This novel initiative leverages the proven link between HITRUST certification and superior and measurable risk management, enabling insurers to confidently deliver enhanced and more consistent insurance products. The facility is designed to scale as additional insurers join, ensuring greater capacity to meet the evolving demands of HITRUST-certified organizations across the globe.
Key benefits for HITRUST-certified organizations include:
- Lower Insurance Costs: Exclusive, market-leading rates with more favorable terms and significant savings that reflect an organization’s commitment to strong cybersecurity practices, including a starting credit of 25% on premiums.
- Simplified Insurance Process: Redundant questionnaires and lengthy application cycles are replaced with streamlined underwriting based on data from the HITRUST certification; some policies being underwritten in just one week.
- Comprehensive Coverage: Policies are built on a single-page exclusion model, offering clarity and adaptability while supporting a wide range of organizational needs.
- Scalable Protection: Access to increasing capacity as the consortium grows, ensuring coverage is adaptable to an organization’s needs as they change and grow over time.
- Recognition for Security Investments: Demonstrate to partners, clients, and regulators that your organization meets the highest standards of cybersecurity, validated by the industry’s most trusted risk management framework.
To enable this consortium, HITRUST has developed a secure API that allows insurers to access detailed information about an organization’s HITRUST r2 certification through the company’s Results Distribution System (RDS). This technology ensures that insurers receive structured, consistent assessment data, facilitating a more accurate and efficient underwriting process.
Understanding the Shared Risk Facility
A shared risk facility is a collaborative arrangement where multiple insurers come together to share the underwriting risk associated with policies. For HITRUST-certified organizations, this means access to better insurance options, as the insurers collectively recognize the reduced risk these organizations present. This collaboration fosters a more stable and competitive insurance market.
Availability and Next Steps
The enhanced cyber insurance offerings are available to HITRUST-certified organizations effective immediately through their existing brokers. Currently available for HITRUST r2 certifications, plans are underway to extend this capability to include the i1 and e1 assurance programs in 2025. Additionally, there is potential to expand the scope to encompass HITRUST’s newly released AI Security Certification offering.
Organizations interested in benefiting from improved coverage and rates are encouraged to pursue HITRUST certification to take advantage of these new options.
For more information about how to get started with HITRUST certification, please visit hitrustalliance.net/cyber-insurance or contact them.
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This entry was posted on December 12, 2024 at 1:16 pm and is filed under Commentary with tags HITRUST. You can follow any responses to this entry through the RSS 2.0 feed.
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Lloyd’s of London Launches First-of-its-kind Consortium Built on HITRUST Certification to Shape the Future of Cyber Insurance
HITRUST, the leader in information security assurances for risk and compliance management, today unveiled an innovative cyber insurance consortium in collaboration with Lloyd’s of London and backed by a network of globally recognized AA-rated insurers. This first-of-its-kind shared risk facility revolutionizes the cyber insurance landscape, delivering exclusive, market-leading coverage and rates to HITRUST-certified organizations worldwide. By aligning relevant and reliable cybersecurity practices with tailored insurance solutions, the consortium sets a new standard for incentivizing and protecting trusted organizations.
As cyber threats continue to escalate, organizations face increasing pressure to effectively measure and mitigate information risk. HITRUST’s proven methodology, stands out as the industry-leading solution to manage information risk and to measure residual risk. By incorporating relevant risk management practices and security controls with a comprehensive and reliable assurance process, HITRUST-certified organizations achieve a significantly lower likelihood of breaches with the gold standard for resilience in an increasingly volatile threat landscape and endorsement by leading cyber insurers.
According to the recently published 2024 Trust Report, less than 1% of HITRUST-certifications experienced a breach over the past two years. This remarkable statistic underscores the effectiveness of the HITRUST assurance program in delivering measurable risk mitigation outcomes.
The newly formed consortium with Lloyd’s of London unites additional capital from a global network of Moody’s recognized AA-rated insurers to establish an innovative shared risk facility. This novel initiative leverages the proven link between HITRUST certification and superior and measurable risk management, enabling insurers to confidently deliver enhanced and more consistent insurance products. The facility is designed to scale as additional insurers join, ensuring greater capacity to meet the evolving demands of HITRUST-certified organizations across the globe.
Key benefits for HITRUST-certified organizations include:
To enable this consortium, HITRUST has developed a secure API that allows insurers to access detailed information about an organization’s HITRUST r2 certification through the company’s Results Distribution System (RDS). This technology ensures that insurers receive structured, consistent assessment data, facilitating a more accurate and efficient underwriting process.
Understanding the Shared Risk Facility
A shared risk facility is a collaborative arrangement where multiple insurers come together to share the underwriting risk associated with policies. For HITRUST-certified organizations, this means access to better insurance options, as the insurers collectively recognize the reduced risk these organizations present. This collaboration fosters a more stable and competitive insurance market.
Availability and Next Steps
The enhanced cyber insurance offerings are available to HITRUST-certified organizations effective immediately through their existing brokers. Currently available for HITRUST r2 certifications, plans are underway to extend this capability to include the i1 and e1 assurance programs in 2025. Additionally, there is potential to expand the scope to encompass HITRUST’s newly released AI Security Certification offering.
Organizations interested in benefiting from improved coverage and rates are encouraged to pursue HITRUST certification to take advantage of these new options.
For more information about how to get started with HITRUST certification, please visit hitrustalliance.net/cyber-insurance or contact them.
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This entry was posted on December 12, 2024 at 1:16 pm and is filed under Commentary with tags HITRUST. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.