Security ratings are a standard in cybersecurity. Many organizations rely on them to manage their security programs and they create ROI for the organization. Despite the potential benefits, it can be challenging for organizations who are evaluating different security ratings options to determine the value they will get from them.
When making investment decisions, it’s essential to know where the investment will take you and quantify that benefit. As the leader in security ratings, SecurityScorecard has done more than anyone to demonstrate the value of being a highly rated organization. The value of having an A rating has never been clearer.
Here are 3 tangible benefits of having an A rating:
1. Lower breach likelihood
The primary purpose of a security rating is to measure an organization’s cyber risk. The better your rating, the less likely you are to be breached.
Organizations with an A rating as 7.7 times less likely to be breached compared to organizations with an F rating.
The Marsh McLennan Global Cyber Risk Analytics Center and SecurityScorecard came together to study how cybersecurity ratings correlate with reduced cyber insurance risk. This analysis concluded that security ratings data from SecurityScorecard is predictive of breaches. Every organization can manage their security rating, giving them the power to reduce the likelihood of breaches.
2. Save on cyber insurance
Given the predictive power of ratings, many insurance underwriters use security ratings to determine who is eligible for cyber insurance and at what price. We’ve seen cyber insurance pricing increase dramatically over the past several years, leaving many insurance buyers reeling.
Organizations with an A rating can save up to 10% in their cyber insurance premiums.
SecurityScorecard is partnering with cyber insurers to reward organizations that demonstrate strong performing security programs with cyber insurance discounts. Underwriters know that an A rating means less risk and that gives them confidence they need to reduce premiums without reducing coverage.
The first of these partnerships is with Measured Insurance. They are offering premium discounts of up to 10% to organizations with an A rating. Requesting a quote from Measured is easy.
3. Reduce incident costs
Organization’s with an A rating will be less likely to sustain breaches over time and just from that, one can expect reduced costs. But even the most secure organizations can experience incidents. When a breach does occur, insurance can help but organizations will always have some out of pocket costs.
Organizations with an A rating can qualify for complimentary incident response services
SecurityScorecard is the only ratings provider with a services-backed guarantee. Score Guarantee demonstrates the direct correlation between SecurityScorecard’s cybersecurity ratings and security efficacy, by providing customers that maintain an A rating and meet other minimal requirements, with USD $8,000 worth of complimentary Digital Forensics and Incident Response (DFIR) services in the event of a breach.
Score Guarantee offsets the retention or deductible costs not covered by insurance, complementing an organization’s cyber insurance coverage by offering aid with one of the industry’s leading DFIR and third-party risk management consulting teams.
Check your rating and drive ROI
To learn more about how to secure your organization and measure your cyber risk, visit securityscorecard.com and get your free score now.