One of the most terrifying horror movie gimmicks is the “call from inside the house.” This is a principle that can also be applied to cybersecurity. That’s why SecondSight, a digital asset inventory company whose purpose is to enhance corporate insurance coverage, operates behind corporate firewalls — “in the house.”
SecondSight CEO Reuben Vanderventer said: Most of his risk quantification over the past 15 to 20 years has been done outside the insured’s firewall by scanning open ports and networks, he added. “In our view, it provides only a fraction of all the information necessary to model the full range of real risks.”
SecondSight uses machine learning and AI to discover and catalog all of a client company’s digital assets and monitor those assets over time. “This gives us a timeline of how digital assets are growing, shrinking and sharing information,” he said.
Digital assets within a company behind a cyber firewall are at-risk items that need to be insured. Having time series information “allows us to forecast unplanned liabilities,” he added Vanderventer. “If a particular piece of software, such as a CRM, goes down, or is locked out for some reason, i.e. ransom demanded, what is the impact of that particular piece of software on his P&L?”
According to Vanderventer, insurers tend to focus on the potential for loss and base their policies on that. “We are bringing to the industry the first-of-its-kind capability to do risk modeling both inside and outside the firewall. This addresses a new category called risk quantification. is a category inhabited by,” he said. .
Vanderventer and the founding team founded Secondsight in 2018. Previously at Allstate, he built analytical data science capabilities and Drivewise. Telematics program.
“Auto, property and casualty, and personal insurance lines have evolved from people telling underwriters, brokers, and agents how a driver is and how to drive, to machines telling underwriters. It has to go through that level of evolution,” said Vanderventer. “The most obvious cyber insuranceThere, businesses need telematics to help underwriting teams understand the real risks, both inside and outside the firewall. ”
In Q1 and Q2 of this year, Secondsight built a self-service guided feature that allows users to self-catalog assets without assistance. Vanderventer said the company announced it had raised his $3 million in seed funding in October, so it’s poised for significant growth over the next 12 to 18 months.
With that growth, Secondsight has cyber security Reduce risk by insuring businesses that previously could not be insured. “Telcos are stepping in to support the data and information we provide, offering things like preferential coverage and improved retention limits,” he said. “This shows that we are really contributing to the evolution of the industry.”