Security | Threat Detection | Cyberattacks | DevSecOps | Compliance

It’s that time of the year again, 2024 planning. Security and third-party risk management leaders are scrambling to prioritize their initiatives for the coming year, advocate for more resources, and report on their progress over the past year. When only 16% of organizations report that they effectively manage third-party risk, the new year provides a blank slate to introduce new efficiencies to existing processes.

Just like other insurance markets, subjectivities have become a staple of cyber insurance. When a cyber insurance underwriter issues a quote to the broker and insured, there may be additional requirements that must be met before the policy and coverage are activated. The management and resolution of these subjectivities creates friction for all stakeholders involved. It takes longer for insureds to obtain coverage, for underwriters to collect premiums, and for brokers to earn their commission.

When it comes to conducting vendor security reviews, the two most time-consuming tasks are gathering the relevant information from your vendor and analyzing it thoroughly. Last month, we announced AI-powered security document analysis to drastically simplify the process of extracting insights from SOC 2 reports, DPAs, and other sources that document a vendor’s security posture.