Zurich Insurance Taps SecurityScorecard for Third Party Risk Evaluation and Monitoring
NEW YORK and SCHAUMBURG, Ill., Oct. 12, 2015 /PRNewswire/ -- Zurich Insurance Company has retained SecurityScorecard, the leading security-risk benchmarking company, to monitor its third-party cyber security risks by maximizing the security intelligence and continuous risk-collection capabilities found in the cutting edge SecurityScorecard platform.
SecurityScorecard's security risk benchmarking platform will allow Zurich to conduct a deep, accurate and thorough assessment of immediate and emerging threats to the IT systems of its partners and vendors. The service monitors hundreds of risk indicators – as categorized in 10 security categories captured in a graded scorecard dashboard-- allowing Zurich to identify partner security issues and prevent the impact from third party ecosystem breaches. With the new visibility discovered in the platform, Zurich expects to gain efficiencies in remediation and partner collaboration.
"As one of the world's largest business insurance companies, Zurich has hundreds of third-party partners across dozens of countries, so it has long taken a proactive approach to averting any possible breach in its IT ecosystem, no matter how small," said Dr. Aleksandr Yampolskiy, CEO and co-founder of SecurityScorecard. "We're confident that our platform will help to ensure that this safe environment continues to thrive."
"As we looked to further fortify our defensive layers against threats, it was clear that nobody else had the capabilities of SecurityScorecard's benchmarking and security intelligence service," said Troy Mattern, Zurich's Deputy Head of Cyber Security. "Rather than just providing a snapshot in time of potential security risks, the system is designed to work continuously, providing a previously unobtainable level of threat information that supports our decision making."
"SecurityScorecard simply doesn't have a lot of competitors in this space," added Mattern. "This test will help us garner additional understanding of what risks we're exposed to in our partners' environments.
Zurich Insurance Group (Zurich) is a leading multi-line insurer that serves its customers in global and local markets. With more than 55,000 employees, it provides a wide range of general insurance and life insurance products and services. Zurich's customers include individuals, small businesses, and mid-sized and large companies, including multinational corporations, in more than 170 countries. The Group is headquartered in Zurich, Switzerland, where it was founded in 1872. The holding company, Zurich Insurance Group Ltd (ZURN), is listed on the SIX Swiss Exchange and has a level I American Depositary Receipt (ZURVY) program, which is traded over-the-counter on OTCQX. Further information about Zurich is available at www.zurich.com.
In North America, Zurich is a leading commercial property-casualty insurance provider serving the global corporate, large corporate, middle market, specialties and programs sectors through the individual member companies of Zurich in North America, including Zurich American Insurance Company. Life insurance and disability coverage issued in in all states except New York is issued by Zurich American Life Insurance Company, an >span class="xn-org">Illinois domestic life insurance company. In New York, life insurance and disability coverage is issued by Zurich American Life Insurance Company of New York, a New York domestic life insurance company. For more information about the products and services it offers and the people Zurich employs around the world, go to www.zurichna.com.
About SecurityScorecard's Benchmarking Service
SecurityScorecard allows organizations to benchmark the security of any partner, competitor, supplier, vendor, any third party or company— without requiring permission. Compare any company's security performance against other organizations within the same industry in real time. The platform is completely self service, making it the most business ready and technically-sound security risk benchmarking platform in existence today. The proprietary foundation of the platform is the ThreatMarket™ data engine that collects 30 million daily security risk signals from the entire Internet.
SecurityScorecard was founded in 2013 by two former Chief Information Security Officers, Dr. Aleksandr Yampolskiy and Sam Kassoumeh. SecurityScorecard is made up of veteran security researchers, cryptographers, data scientists, and software engineers. The company is privately held with headquarters in New York. Security Scorecard investors include Sequoia Capital, Evolution Equity Partners, Boldstart Ventures, and others.