BMS Group (“BMS”), the independent specialist (re)insurance broker, today announces a partnership with BitSight, the Standard in Security Ratings, to provide cyber risk analysis services to BMS clients across all lines of business as part of BMS’s consultancy offering.
BitSight’s market-leading security ratings platform provides the most comprehensive and trustworthy security performance information in the marketplace today. Approximately half of all global cyber premium is underwritten by carriers/markets who utilise BitSight. This is the first partnership for BitSight with a London market broker.
Ryan Jones, Head of Innovation at BMS, said: “As an independent, employee-owned broker, our focus has always been to add value to our insureds by developing a tailored and comprehensive offering. With that in mind, we tasked our teams and our internal Innovation Lab with developing initiatives to improve our clients’ understanding of risk and therefore provide better coverage for their needs. The expansion of our analytical capabilities was a key takeaway from our innovation programme, so I am very pleased to announce this partnership today.
Cyber risk, particularly the silent cyber exposures, affects all businesses and is a growing threat. Through this service, our clients will now be able to, regardless of what they are insuring, accurately assess the cyber exposure of their assets and choose insurance providers accordingly.”
Samit Shah, BitSight’s manager of insurance strategy and operations, said: “We are excited to partner with BMS to provide valuable cyber risk insights to their clients. Working with carriers around the world, including several in London for a number of years now, we believe providing transparency into security posture along all parts of the insurance value chain – carrier, broker, and client – is critical to accurate risk transfer decision-making.”
Founded in 2011, BitSight transforms how organizations manage cyber risk. The BitSight Security Ratings Platform applies sophisticated algorithms, producing daily security ratings that range from 250 to 900, to help manage their own security performance; mitigate third party risk; underwrite cyber insurance policies; conduct M&A due diligence and assess aggregate risk. With over 1,500 global customers and the largest ecosystem of users and information, BitSight is the most widely used Security Ratings Service. For more information, please visit www.bitsight.com, read our blog or follow @BitSight on Twitter.