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Lockton Companies, the world’s largest privately held, independent insurance broker, and BitSight Technologies, the standard in Cyber Security Ratings, have teamed up to offer Lockton’s clients direct access to BitSight Security Ratings. The service is available immediately to all Lockton clients globally who are seeking to better understand and manage cyber risk.
BitSight Security Ratings are a measurement of an organization’s security performance and range from 250 to 900, where higher ratings equate to lower risk. Much like credit ratings, BitSight Security Ratings are generated through the analysis of externally observable data such as compromised machines, vulnerabilities in important communication protocols, and user behavior.
“Security Ratings provide a data-driven means for evaluating the security posture of an organization’s third party vendors, as well as their own,” said Ira Scharf, vice president and general manager of worldwide cyber insurance at BitSight. “Lockton is a leader in the cyber risk management market and we are pleased to be able to deliver additional value through BitSight Security Ratings to their clients.”
Continuously Monitor the Security Effectiveness of your Third Party Vendors
Prioritize and continuously manage cyber risk across your entire vendor ecosystem.
Assess the Cyber Risk of Prospective Vendors
Quickly identify, quantify, and mitigate the risk inherent in sharing sensitive data with prospective vendors and business partners.
Enable Third Parties to Remediate Security Issues
Provide BitSight platform access to vendors to view their rating and remediate any major security issues that arise.
Report Security Risk Metrics to the Board of Directors
Present complex cyber security topics to the Board via an intuitive interface and simple reports.
“We are always looking for ways to help our clients bolster their approach to information security,” said Ben Beeson, cyber risk practice leader for Lockton. “We encourage our clients to use BitSight Security Ratings to reduce cyber risk across their entire business ecosystem.”
About BitSight Technologies®
BitSight Technologies is transforming how companies manage information security risk with objective, verifiable and actionable Security Ratings. Founded in 2011, the company offers a Security Rating Platform that continuously analyzes vast amounts of external data on security issues and behaviors in order to help organizations manage third party risk, underwrite cyber insurance policies, benchmark performance, conduct M&A due diligence and assess aggregate risk. Seven of the top 10 cyber insurers, 56 Fortune 500 companies, and 3 of the top 5 investment banks rely on BitSight to manage cyber risks. For more information, please visit www.bitsighttech.com, read our blog or follow @BitSight on Twitter.
More than 6,000 professionals at Lockton provide 48,000 clients around the world with risk management, insurance, employee benefits consulting, and retirement services that improve their businesses. From its founding in 1966 in Kansas City, Missouri, Lockton has attracted entrepreneurial professionals who have driven its growth to become the largest privately held, independent insurance broker in the world and 10th largest overall. For seven consecutive years, Business Insurance magazine has recognized Lockton as a “Best Place to Work in Insurance.” To see the latest insights from Lockton’s experts, check Lockton Market Update.