Barbican partners with FICO to enhance cyber underwriting
Barbican Insurance Group has selected FICO Enterprise Security Score as its predictive analytic measure of cybersecurity risk for breach insurance underwriting.
The partnership will also provide Barbican’s insureds with access to the FICO® Enterprise Security Score Portrait product, enabling continual cyber risk mitigation.
In addition, Barbican will offer premium credit to all of its cyber policyholders that subscribe to the Enterprise Security Score.
“We partnered with FICO because of its expertise and experience in predictive analytics and its strong focus on risk quantification,” said Graeme King, business group leader for cyber at Barbican. “The FICO Enterprise Security Score gives our underwriters a predictive, stable and objective rating to help better assess cyber risks. It also encourages our insureds to improve their cybersecurity. Using the FICO Enterprise Security Score Portrait product, our insureds receive actionable information to help them proactively strengthen their defences and reduce their exposure to potential risks.”
Jeffrey Wheatman, research director at Gartner predicts that “by 2022, cybersecurity ratings will become as important as credit ratings when assessing the risk of business relationships.”
Finally, Doug Clare, FICO’s vice president for cybersecurity solutions said: “Partnering with Barbican Insurance to give their underwriting team the ability to better measure and manage their portfolio risk is part of our focus on delivering an industry-standard score to the cyber insurance market. By offering premium credit to their cyber policy holders for the use of the FICO Enterprise Security Score Portrait, Barbican is taking risk mitigation much further than the yearly assessments that are common today.”