A New Cyber Insurance Consortium Is Launched By Lloyd's Of London.
Organizations That Are Certified By HITRUST Are Eligible For Special Coverage And Prices Under The Program.
In order to establish a new shared risk facility for the cyber Insurance market, the multi National insurance Behemoth Lloyd's of London has formed a cyber Insurance Consortium. This Consortium will provide eligible firms with exclusive prices, a streamlined insurance process, and extensive coverage. A group of insurance companies that have decided to work together and share the under writing risk of policies is known as a shared risk facility.
A Global network of AA- rated insurers recognized by Moody's is brought together by the Consortium, which is built to grow as more insurers join. According to HITRUST, this paradigm enables insurers to provide improved and more reliable insurance products and coverage. The program offers reduced insurance rates, including a 25% premium credit at the outset, to organizations looking for Cyber insurance that hold HITRUST certification.
Additionally, a simpler application and expedited underwriting are made possible by the certification. According to a statement from HITRUST, certain insurance are being underwritten in " Just One Week." As the Consortium expands, participating organizations will have access to more capacity to ensure they have insurance products that match their needs, and new policies under the Consortium have a single-page exclusion model. Josh Ladeau, CEO of Trium Cyber, the initiative's underwriting lead, said in a statement, " by incorporating HITRUST certification into our underwriting process, we are able to offer customized cyber Insurance solutions that not only recognize but also reward organizations for their commitment to stringent security standards."
In order to facilitate this collaboration, HITRUST created a secure API that gives insurers access to comprehensive details regarding an organization's HITRUST r2 certification. In this manner the underwriting process is made easier for insurers by providing them with consistent, standardized assessment data. In 2025, eligibility will be extended to additional certification categories, possibly including HITRUST's AI security certification.
