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Qualys and Converge Partner for Smarter Cyber Insurance

In an era where cybersecurity plays a pivotal role in business operations, Qualys, Inc. and Converge have unveiled an innovative collaboration that aims to make cyber insurance more accessible and affordable for organizations. This joint offering leverages the proven capabilities of Qualys's Enterprise TruRisk Management (ETM) to reward businesses for demonstrating strong cybersecurity practices.

The landscape of cyber threats is evolving at an unprecedented rate, marked by an increase in ransomware attacks and data breaches. This chaotic environment makes it challenging for traditional cyber insurers to accurately assess and price risk effectively. Currently, many insurance applications rely heavily on manual input, which can be inconsistent and prone to inaccuracies. Recognizing this gap, Qualys and Converge have introduced a streamlined solution that utilizes automated processes to enhance the accuracy and efficiency of cyber risk assessments.

Automation Meets Accuracy

Through the creation of the Qualys Converge Connect Insurance Report (CCIR), companies can showcase their cybersecurity posture in a standardized format that underwriters can readily evaluate. This report derives data directly from automated assessments within the ETM, ensuring that the information presented is not only accurate but also reflective of the company's live security posture. As a result, businesses can potentially qualify for reduced insurance premiums tailored to their true risk levels rather than relying on average industry standards.

Tom Kang, the CEO of Converge, emphasized the necessity of this approach, stating, "Cyber risk has historically been priced on snapshots and self-reported answers, leaving real exposure invisible between renewals." With verified data, underwriters can evaluate a company’s real-time security status, allowing them to offer customized premiums that reflect genuine risk exposure. This shift is crucial, as organizations can now receive rewards for their diligent cybersecurity efforts.

Benefits of the CCIR

The CCIR covers a variety of metrics that outline essential aspects of an organization's cybersecurity health, including:

• - Measurable Risk Reduction: Demonstrating how security practices have effectively lowered the risk of breaches.
• - Faster Remediation Velocity: Showing how quickly a company can respond to and fix vulnerabilities.
• - Higher Compliance Rates: Indicating a commitment to industry standards and regulations across the board.
• - Expanded Asset Coverage: Highlighting a more comprehensive view of what is being protected.

These metrics not only simplify the insurance application process but also encourage organizations to continuously refine and enhance their cybersecurity hygiene. With the CCIR being independently generated and valid for 30 days, businesses can present up-to-date assessments to insurers, eliminating the complications that often come with traditional insurance applications.

A Game-Changer for Cyber Insurance

The implications of this partnership extend beyond merely lowering premiums. It represents a fundamental shift in how organizations approach their cybersecurity strategies, integrating them more directly with financial considerations. As noted by Sumedh Thakar, CEO of Qualys, "Cyber insurance is key to the overall risk management strategy… There has to be an easier way to correlate the strength of an organization's cyber posture with what they should pay in insurance."

This collaboration underscores the importance of a proactive stance on cybersecurity in today’s digital landscape. With organizations now incentivized to maintain better cybersecurity measures, the likelihood of experiencing financial setbacks due to cyber incidents diminishes significantly. As threats grow and evolve, the need for better risk management strategies has never been more critical.

Availability and Engagement

The Qualys CCIR is currently available for businesses utilizing ETM, with an invitation for interested parties to learn more through the Qualys website. This partnership sets the stage for a new era in cybersecurity and insurance integration—one where informed decisions pave the way for improved business outcomes and cost savings.

For those wishing to delve deeper into this collaborative offering, further resources and information can be found on the Qualys platform, potentially reshaping the way organizations manage risk and engage with their insurance partners.