Starr Insurance Companies is linking up with security firm Rapid7 to provide cyber loss prevention services to some of its customers. ISO came out with a management liability insurance program designed to address increasing sexual harassment and other risks faced by private companies.
Starr Insurance Companies said it will provide front-end cyber loss prevention services to some customers through a partnership with security firm Rapid7.
Starr’s Cyber Risk Response policyholders will benefit from the arrangement. These Starr policyholders can obtain a complimentary external network vulnerability scan from Rapid7 that identifies network vulnerabilities and threat exposures and outlines recommendations to address those risks. Also, Rapid7 will be Starr’s preferred provider for cybersecurity response services in case there are network security or privacy incidents.
Rapid7’s security approach focuses on helping companies manage and reduce risk, detect and contain attackers, and analyze and optimize operations. Rapid7 technology, services and research drive vulnerability management, application security, incident detection and response, and log management for 7,400 organizations across more than 120 countries.
ISO launched a management liability insurance program designed to address increasing risks faced by private companies, such as sexual harassment.
Verisk-owned ISO provides forms, rules and rating information for the property/casualty insurance industry.
The new program is designed to address the growth of private firms, which now account for more than 65 percent of all companies in the United States, according to the latest data from the U.S. Census Bureau. The program also addresses the growing risks faced by company directors and officers, such as public scandals over the past year that have encouraged victims to report sexual harassment and other workplace infractions.
The program’s proprietary rating model enables insurers to price worldwide coverage for private companies across several lines of business, including directors and officers, employment practices liability, and fiduciary liability. It also features a higher level of rating granularity, factoring in a range of classes and risk sizes for employment practices liability developed using the latest modeling techniques. There are also options to include coverages for crime as well as kidnap and ransom.
Sources: Starr Insurance Companies, Verisk/ISO