The Shift from Cybersecurity to Digital Resilience: Why Insurance Companies are Paying Attention

Oct 30, 2019

TauruSeer heads to the 2019 Selection Days at the Hartford Insurtech Hub, discussing Reinsurance, Cyber Liability & Product Liability

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Addressing systemic operational challenges effectively requires teams to define what successful cyber and IT operations looks like for all stakeholders and then proactively working towards achieving it. Leading teams are uniting traditional siloed functions and this maturity model shows how to begin looking at a more strategic, long-term opportunity to effectively provide trustworthy and reliable technology.

In August, TauruSeer was invited to share our story and approach with the Hartford InsurTech Hub's FastTrack event in Columbia, SC. As the only company speaking to Patient Safety, Health Plan Reinsurance, Cyber Liability, and Product Liability for healthcare software and mobile medical applications, TauruSeer passed the test. Out of over 350+ qualified applications, TauruSeer has been selected to participate in the upcoming Selection Days, as one of the Top 20 startups for Startupbootcamp's 2019 Hartford Insurtech Hub.
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The Problem: Cybersecurity Questionnaires Don't Work 

With stories becoming more frequent, like the "AIG and SS&C Technology case highlighting the complexities of covering cyber-related losses," its no wonder insurance companies are evaluating better approaches to managed risk within their insurance portfolios:
  • Improving underwriting effectiveness
  • Reducing loss ratios
  • More 'platforms' for aggregation and specificity
  • More insights for employee education and upskilling 
  • Additional value-added services to identify and mitigate risk for insureds
  • Advancing transparency of claims: back-casting seemingly systemic events and simplifying evidence gathering
  • Automating tracking and enforcement of cyber controls and hygiene
Just how the Cybersecurity industry is learning that solving for compliance “checkboxes” won't work—so is the same for "checkbox" self-assessments for cyber liability insurance.

In a recent report, "Insurance 2020 & beyond: Reaping the dividends of cyber resilience" PWC notes [cyber] insurance is one of the fastest-growing opportunities with huge potential, set to grow from around $2.5 billion today to reach $7.5 billion by the end of the decade.

Riding the 4 Waves of Innovation

Digital business has accelerated the risks of technologies powering our innovations and they are catching up to the business value they provide. How businesses handle these risks posed by their own technologies are also changing. At the core, its the ability to quickly adapt to new techniques, methods, and philosophies.

Rather than leveraging traditional approaches to past problems—it’s about rethinking how processes and infrastructure is built, managed, and maintained over time. It’s protecting the current environment while also enabling future technological and business goals, safely. It is this thinking where organizations can adapt and ride the next waves of innovation to keep pace with business trends, IT trends, and attack trends:

  • Cybersecurity   ...to Cyber & IT Resilience
  • Perimeter Defense   ...to enabling Cloud, Mobile & IoT
  • DevOps   ...to SecDevOps
  • Governance, Risk & Compliance (GRC)   ...to Integrated Risk Management

It isn't about adding new tools. It is about adding more value to your existing tool investments and automating practices within processes and workflows to provide risk-based insights for people to solve problems themselves, mitigate risks independently, and reduce potential internal security accidents. 

This is where a cleaner technical environment and good hygiene is created. Maintaining this requires adaptation and long-term thinking.

However, riding the next waves of innovation will take a shift to thinking beyond security:



Thinking Beyond Security

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Addressing systemic operational challenges effectively requires teams to define what successful cyber and IT operations looks like for all stakeholders and then proactively working towards achieving it. Leading teams are uniting traditional siloed functions and this maturity model shows how to begin looking at a more strategic, long-term opportunity to effectively provide trustworthy and reliable technology.

Reimagining Security for the Cloud-Native SecDevOps World

The old cliché, "what cannot be measured cannot be managed,” has given way to: “what cannot be monitored cannot be managed." The difference between measuring and monitoring is time. “Measurement” implies periodic. "Monitoring" is continuous. 

The most effective solutions will be required to monitor continuously with a renewed focus on cultural improvements that will enable digital business success. It is the day-to-day IT operations that will determine the durability of assets, and the convergence of security and risk management responsibilities into SecDevOps teams to improve "resilience."

Gartner defines resilience as the ability of an organization to resist, absorb, recover and adapt in a complex and changing environment to enable it to deliver its objectives in order to rebound and prosper. Resilience is implemented across five layers: leadership, culture, people, process and systems, which includes cyber and IT.

What is interesting, is the development of such an emerging market being defined as Integrated Risk Management (IRM) by Gartner, Deloitte, Accenture, Chartis, and other global consulting firms. It is the integration of cyber and operational risk analytics-driven models for real-time management from a ‘single source of truth’ to support resilience.


Cyber & IT Resilience: Why Leading Insurance Companies Are Paying Attention

Proactive defense requires a shift from Cybersecurity to Cyber & IT Resilience. Forward-looking organizations are using this shift as a catalyst to embrace the new techniques, methods, and philosophies that enable them to ride the next waves of innovation: new security architectures, cloud-native products, and SecDevOps infrastructure and processes. 

This is why TauruSeer pioneered a differentiated, Integrated Risk Management approach to managing internal proactive defense, as well as third-party risks from key software vendors, IT suppliers, and outsourced entities. This visibility enables limited resources to take effective actions and deliver a cost-effective risk management and compliance program.

Just like their applicants and insureds, insurance carriers also have limited resources to sufficiently measure and monitor the risks of their growing pool of policyholders. The subjective questionnaires and self-assessment methods are time consuming, expensive, and provide point-in-time tool inventories—not risk management performance.


TauruSeer's thinking and platform meet the requirements for managed risk within insurance portfolios and the value-added services to identify and mitigate risk for their insured customers.


In short, it's time to enhance resiliency—namely proactive work around people and process in operations to protect the organization. Leading insurers need assurance knowing policyholders can build and maintain secure, continuously compliant, and trusted technologies.


Think: PROGRESSIVE...
(Hint: Its not about the car. Rather, the person and their activities behind the wheel of the car.)


...but, evolving from periodic measurements or "snapshots" into continuous risk monitoring.

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In order to streamline continuous risk monitoring and identify areas of improvement, insurers need integrated risk management platforms that provide insight into past and current operations of applicants and insureds.


TauruSeer’s solutions are tailored to meet modern needs while enabling a long-term approach by embedding the foundation to adopt the current and future techniques, methods, and philosophies. 


With reporting that affirms the strength of an organization's risk infrastructure and management, organizations can effectively monitor their risk maturity and posture while giving confidence to insurers.


Unlike questionnaires, TauruSeer provides comprehensive, real-time insights about status of technologies, misconfigurations, and behavior monitoring. Insurers can now have fact-based underwriting practices and collaborate with policyholders to address issues and improve risk performance. 
UPDATE: TauruSeer selected to join the Hartford InsurTech Hub accelerator program's 2020 startup cohort!

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