SentinelOne Launches WatchTower Vital Signs Report for Cyber Insurers'; Risk Management

Rhea-AI Summary

SentinelOne has launched the WatchTower Vital Signs Report app within its Singularity Marketplace, enhancing cybersecurity visibility for organizations and aiding cyber insurers in assessing risks. This innovation addresses the challenges faced by the cyber insurance industry, where premiums surged 79% YoY in Q2 2022 due to rising claim payouts. The report provides a real-time look at an organization's internal cyber health, allowing for more accurate underwriting and potentially lower premiums. Partnerships with Coalition and Corvus Insurance further strengthen this initiative.

Positive

• Introduces WatchTower Vital Signs Report app for improved cybersecurity visibility.
• Enhances cyber insurers' ability to assess risk, potentially reducing underwriting losses.
• Addresses cyber insurance market challenges amidst rising premiums and claims.
• Allows organizations to gain actionable insights to improve cyber resiliency.

Negative

• Cyber insurance prices increased 79% YoY in Q2 2022, making coverage difficult to obtain.

“Inside-Out” Risk Report Brings Visibility into Organizations' Telemetry, Identifying Cyber Threat Exposure & Helping Lower Cyber Insurance Premiums

MOUNTAIN VIEW, Calif.--(BUSINESS WIRE)-- SentinelOne (NYSE: S), an autonomous cybersecurity platform company, today announced the WatchTower Vital Signs Report app in the Singularity Marketplace. For organizations, this new reporting capability communicates an accurate profile of cybersecurity posture and controls to cyber insurers, streamlining the process of obtaining cyber insurance coverage. For cyber insurers, the app provides a real-time “inside-out” view of an enterprise’s cybersecurity health for improved policy accessibility and reduced underwriting risk.

“The state of today’s threat landscape is pushing the cyber insurance industry to its breaking point,” said Barnaby Page, VP Incident Response & Cyber Risk, SentinelOne. “Underwriting risks have become too much for insurers to stomach while rising premiums are causing enterprises to struggle in procuring cyber insurance. The industry needs better means to gauge and demonstrate exposure to cyberthreats, and we are happy to collaborate with leading risk vendors to enable the WatchTower Vital Signs Report.”

The growing number of costly data breaches, ransomware, and cyber incidents resulted in claim payout losses for insurers rising 300% from 2018 to 2021. Consequently, in Q2 2022, U.S. cyber insurance prices increased 79% YoY. Between reduced carrier appetite for underwriting risk and ascending premiums, many organizations are finding it difficult to obtain coverage, regardless of security posture.

Historically, underwriters and brokers have defined organizational risk exposure using external scans, which don’t validate against cyber incidents or security controls effectiveness. SentinelOne’s WatchTower Vital Signs Report is based on an organization’s internal risk posture and data – capturing signals that are dynamically changing and providing deep context into risk exposure.

Leveraging Ranger Active Directory, Singularity XDR’s real-time identity attack surface module, the new reporting offering assesses susceptibility to cyber threats, including unknown assets and identity exposures – two of the leading vectors for today’s security incidents. This enables cyber insurers and brokers to gain unparalleled insights for their underwriting and risk management remits – lowering loss ratios with accurate risk pricing while increasing cyber insurance eligibility, premium discounts, and favorable coverage terms for organizations obtaining and renewing policies. In addition, businesses at risk of attack are provided with actionable, real-time insights to improve cyber resiliency.

Supporting Quotes:

“Coalition is committed to helping organizations of all sizes and industries secure cost-effective and comprehensive cyber insurance policies. SentinelOne’s WatchTower Vital Signs Report is a much-needed step in creating a common language for organizations and insurers and encouraging transparency. Together with SentinelOne, we help organizations build resilient and multi-layered cybersecurity programs that prevent digital risk before it strikes.” - Michael Carr, Head of Risk Engineering, North America, Coalition

“Corvus is pleased to partner with SentinelOne in using the WatchTower Vital Signs Report. With increased attention paid to the report’s key cyber risk indicators, Corvus can further educate and support our policyholders in understanding their unique risks and remediation tactics. We’re thrilled that through our partnership, Corvus can be at the forefront of this important transformation in the cyber insurance market, creating even more value for our policyholders.” - Madhu Tadikonda, CEO, Corvus Insurance

"Cowbell applauds SentinelOne for taking this giant step that benefits both SentinelOne customers and Cowbell policyholders. In collaboration with SentinelOne as a WatchTower Vital Signs Report founding partner, we are expecting to increase the efficacy of our risk pool that is continuously monitoring over 90% of U.S. SMEs for their cyber posture. This cybersecurity and cyber insurance partnership is aimed to help SMEs build resiliency across the complete cyber risk lifecycle." - Jack Kudale, CEO, Cowbell Cyber

About SentinelOne

SentinelOne’s cybersecurity solution encompasses AI-powered prevention, detection, response and hunting across endpoints, containers, cloud workloads, and IoT devices in a single autonomous platform.

View source version on businesswire.com: https://www.businesswire.com/news/home/20221025005668/en/

Press

Will Clark

fama PR for SentinelOne

E: S1@famapr.com

Source: SentinelOne

FAQ

What is the WatchTower Vital Signs Report by SentinelOne?

The WatchTower Vital Signs Report is an app launched by SentinelOne to enhance cybersecurity visibility for organizations and help insurers assess risks more accurately.

How has the cyber insurance market changed recently?

The cyber insurance market has seen a significant increase in premiums, with prices rising 79% YoY in Q2 2022 due to rising claim payouts from cyber incidents.

How does SentinelOne's new app help organizations with cyber insurance?

SentinelOne's app provides real-time insights into an organization's cyber health, allowing for better risk assessment and potentially lower insurance premiums.