New FireEye Services Help Insurance Industry Manage Exposure to Cyber Threats

Threat protection solutions provider FireEye has announced a new line of services designed specifically to help brokers and underwriters gain visibility into enterprises’ exposure to cyber threats.

The program, Cyber Risk Evaluation and Threat Engagement (CREATE), will enable insurers to leverage FireEye’s offerings for breach assessments, managed services, and incident response services within their client engagements.

Lockton, the largest privately held, independent insurance broker in the world, is serving as the program’s inaugural partner, FireEye said.

As the cyber risks become a hot topic in boardrooms around the world, new cyber insurance solutions have been developed to address gaps in property and terrorism coverage in the event of a cyber-attack.

Earlier this year, insurance giant American International Group (AIG) announced that it has expanded its cyber insurance offering to include property damage and bodily injury that could be caused as a result of cyber attacks. 

“These policies offer affirmative coverage for both Enterprise IT and Industrial Control Systems environments, covering physical damage as well as business interruption resulting from physical or non-physical damage,” FireEye explained.

Dr. Mike Lloyd, Chief Technology Officer at RedSeal Networks, noted in a recent SecuritWeek column that Lloyd’s of London has reportedly seen a big increase in requests for coverage, especially from SCADA industrial and power plants, but as they review applicants, they have refused most of them, due to the fact that assessments of the cyber-defenses in place concluded that protections were inadequate.

FireEye said that its CREATE program will offer brokers and underwriters the following:

• Technologies and services that find gaps in enterprises’ security architectures and can quickly remediate them.

• Policy placement assistance that enables underwriters to allow for differentiated risk and premium offerings for clients.

• Post-breach services to evaluate and minimize impact should an insured client be breached.

FireEye also said that it would offer ongoing security support for clients via FireEye Managed Defense, the FireEye Network Security platform, Threat Analytics Platform, annual assessments, and security operations plans.

“Leveraging the FireEye technologies and services team’s experience, we will expand our ability to provide clients with a holistic, intelligence driven approach that goes beyond simple benchmarking of limits and placement of insurance,” said Michal Gnatek, VP of technology, Lockton. “Our clients will value the insights that CREATE offers into their risks.”